Korea’s exports down 15% in first 10 days of August

[Photo by Yonhap]

South Korean exports fell by more than 15 percent in the first 10 days of August from a year ago on weak demand for chips and from China.

According to data released by Korea Customs Service on Friday, outbound shipment was valued at $13.2 billion in the first 10 days of August, down 15.3 percent from the same period a year ago. Daily exports were also 15.3 percent weaker during the same period, based on 8.5 working days, unchanged from a year-ago period.

Monthly exports have been on a decline for 10 straight months since October last year.

Exports of semiconductors fell 18.1 percent in the first 10 days of August from a year ago. Chip exports have dropped for 12 months in a row until last month.

The pace, however, slowed from 36.8 percent in the first 10 days of July.

Exports of petroleum products also fell 37.8 percent, home appliances 18.8 percent, and computer-related devices 21.2 percent.

Outbound shipment of automobiles, on the other hand, added 27.2 percent and vessels 182.8 percent during the cited period.

By region, Korea’s exports to China fell by 25.9 percent in the first 10 days of August from a year ago. Korea has seen exports to China fall for 14 months in a row until July.

Exports to the U.S. also fell 0.8 percent and the European Union 22.7 percent, while those to Vietnam rose 3.7 percent.

Imports in the August 1~10 period also dropped 30.5 percent to $16.2 billion, resulting in a trade deficit of $3.01 billion, widening from $2.27 billion in the same period last month.

Imports of crude oil fell 45.9 percent, gas 57.1 percent, coal 46.4 percent, chips 23.6 percent, and petroleum products 16.1 percent.

Imports from China declined by 27.9 percent, the U.S. 31.7 percent, and EU 13.1 percent.