S. Korea's exports up 28.7% in first 10 days of May

South Korea's exports rose 28.7 percent on year in the first 10 days of May to $16.1 billion from $12.5 billion a year earlier on the back of demand for chips and petroleum products.

However, the trade deficit widened over high global energy prices, customs data showed Wednesday.

According to figures from the Korea Customs Service, imports increased 34.7 percent year over year to $19.78 billion, resulting in a $3.72 billion trade imbalance over the period. According to the figures, the similar sum for last year was $2.21 billion.

South Korean benchmark Dubai crude has risen to $106.06 a barrel on average this month, up from $65.06 a year ago.

According to the data, South Korea relies on imports for the majority of its energy needs, and crude oil and gas imports increased 53.7 percent and 52.7 percent year over year in the first ten days of May, respectively.