Korea's Oct. 1-20 exports down 19.5% on shrinking demand in US and China

South Korea’s exports are poised to slip for the 11th straight month in October, with the fall widening to near 20 percent against a year-ago period so far in the month as the country bore the brunt of the protracted trade war and slowdown in the United States and China, its two largest markets.

The country’s exports totaled $26.8 billion in the Oct. 1-20 period, down 19.5 percent from the same period a year earlier, Korea Customs Service said Monday.

Considering that the number of working days was a day shorter than the year-ago period at 13.5 days, daily exports dropped 13.5 percent on year.

The trade ministry said the results turned out weaker because exports in the year-ago period had been particularly high. Outbound shipments, however, have been showing signs of improvement in the end of the month, leaving room for improvement for full October, it added.

Semiconductor shipments in the first 20 days of the month plummeted 28.8 percent on year. Exports of automobiles fell 6.5 percent, petroleum products 38.4 percent and vessels 8.4 percent. Meanwhile deliveries of mobile communication devices jumped 44.8 percent and home appliances 11.7 percent.

Exports to China, Korea’s largest trading partner, shrank 20.0 percent. Shipments to the United States also fell 17.4 percent, Vietnam 2.3 percent and the European Union 36.6 percent. Exports to the Middle East rose 1.5 percent and Singapore 17.7 percent.

Imports in the Oct. 1-20 period totaled $25.4 billion, down 20.1 percent from a year earlier.

Imports of information telecom devices gained 9.5 percent and passenger vehicles 32.1 percent, while those for crude were down 31.5 percent, machinery 15.9 percent, gas 39.1 percent and petroleum products 37.0 percent.

Imports from Japan plummeted 30.1 percent, with those from China down 9.2 percent, Middle East 34.8 percent, the United States 21.9 percent and the European Union 16.4 percent.

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