S Korea Aug exports extend boom but Delta remains a risk

S Korea Aug exports extend boom but Delta remains a risk

South Korea's exports accelerated in August, towed by solid demand for memory chips, petrochemicals and other major items, with the trade ministry seeing only a limited impact from the coronavirus Delta variant across the region.

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Exports rose 34.9per cent in August from a year earlier, accelerating from 29.6per cent in July but falling short of 35.7per cent growth predicted in a Reuters survey.

Imports soared 44.0per cent from a year earlier, the fastest growth since May 2010 and quicker than a 38.1per cent rise in July. That brought the trade balance to a US$1.67 billion surplus.

Breakdown of Wednesday's data showed exports of semiconductors, petrochemicals and cars jumped 43.0per cent, 81.5per cent and 16.9per cent, respectively, while those of wireless devices, biohealth products and secondary batteries soared 62.2per cent, 17.1per cent and 10.9per cent, respectively.

By destination, overall exports to China, the United States and European Union rose 26.8per cent, 38.1per cent and 41.6per cent, respectively.

"Despite concerns about production disruptions due to the spread of the recent Delta variant ... its impact on exports is seen limited so far," the ministry said in a statement.