Korea’s Nov 1-10 exports fall 2.8% and imports 6.1% on slowed chipmaking

[Provided by Maekyung Media Group]

South Korea’s exports fell 2.8 percent while imports dipped by greater pace during the first 10 days of November to imply slowed global demand starting to impact manufacturing activity of exporters.

According to the Korea Customs Service on Friday, the country’s exports amounted $17.75 billion from Nov. 1 to 10, down 2.8 percent from the same period a year ago. Daily exports averaged at $2.08 billion, down 2.8 percent on year, with 8.5 working days.

Exports of petroleum products jumped 6.4 percent and automobiles 31.8 percent. Chip exports plunged 26.9 percent, wireless communication devices 13.2 percent and precision tools and equipment 16.5 percent.

Shipment to the United States grew 21 percent, to the European Union 6.8 percent, and to Vietnam 1.2 percent, while exports to China tumbled 25.4 percent and to Japan 9.1 percent.

Imports came to $19.76 billion for the first 10 days in November, falling 6.7 percent versus a year ago.

Crude oil imports rose 13.2 percent and automobiles 163.5 percent. But semiconductor imports shrank 8.5 percent, gas 14.1 percent and machinery 7.3 percent.

Imports from the EU increased 12.0 percent and from Saudi Arabia 5.0 percent. Imports from China decreased 9.7 percent, from the U.S. 22.1 percent, and Japan 9.9 percent.

Trade balance came to a deficit of $2.05 billion in Nov. 1-10 period. Cumulative deficit for this year through Nov. 10 amounted $37.6 billion, a record to date and a sharp reversal from a surplus of $23.8 billion in the same period last year.

The trade balance is most likely to end the year with a deficit, which would be the first since 2008.