Ships have emerged as South Korea’s leading export item this year, outpacing overseas sales of other previous flagship goods such as semiconductors and automobiles, customs data showed Monday.
South Korea exported $36.13 billion worth of ships during the January-July period, according to data by the Korea Customs Service. Ships took the top spot in terms of exports for the first time since 2009.
The amount so far is close to the annual ship exports total for 2010, which came to $37.2 billion, indicating that their overseas sales could reach an all-time high for this year.
Petroleum products came in second with their exports totaling $29.57 billion during the same period, up more than 70 percent from a year earlier, the data showed.
“Crude oil prices increased and so did export unit prices of petroleum products. Continued efforts to develop new technologies, diversify product lineups and expand export markets also appear to be paying off,” a customs agency official said.
South Korea depends on imports for most of its oil needs, but it has been expanding exports of petroleum products such as highly refined oil.
Semiconductors, automobiles and liquid crystal display devices followed with $29.25 billion, $23.12 billion and $15.73 billion, respectively, the data showed.
In particular, semiconductors, the nation’s No. 1 export product last year, saw its standing slide to third due to falling chip prices in international markets, the data showed.
Wireless communications equipment, including mobile phones, also fell to seventh by posting $11.32 billion during the same period in the face of heated competition in smartphone markets dominated by Apple Inc’s iPhone, the data showed. These exports stood at second in 2009.
