South Korea's exports grew 29.3 percent on-year in the first 10 days of November on the back of solid demand for chips and petroleum products, customs data showed Thursday.

The country's outbound shipments stood at $18.3 billion in the Nov. 1-10 period, compared with $14.1 billion a year earlier, according to the data from the Korea Customs Service.

Imports jumped 59 percent on-year to $21.2 billion, resulting in a trade deficit of $2.98 billion during the cited period, the data showed.

By sector, outbound shipments of memory chips, a key export item, rose 45.3 percent on-year in the cited period.

Semiconductors accounted for about 20 percent of exports by South Korea, home to Samsung Electronics Co., the world's largest memory chip maker, and its smaller rival SK hynix Inc.

Exports of petroleum products jumped 81.5 percent as oil prices remained high amid the global economic recovery.

Shipments of autos rose 6.3 percent on-year amid a global shortage of automotive chips.

In the third quarter, the export growth of autos sharply slowed to 4.2 percent from a 71.9 percent on-year gain three months earlier as the supply crunch of auto chips dented vehicle output. Autos accounted for some 7 percent of South Korea's exports.

By country, shipments to China, South Korea's largest trading partner, rose 34.9 percent on-year, and those to the United States gained 20.8 percent.

The South Korean economy is on a recovery track on the back of robust exports.

Exports, which account for half of the economy, grew 24 percent on-year in October, extending their gains to the 12th straight month.

The Bank of Korea forecast Asia's fourth-largest economy to grow 4 percent this year. The government forecast economic growth of 4.2 percent. (Yonhap)