Korea’s exports down 16.5% in first 20 days of August

[Photo by Yonhap]

South Korea’s exports fell 16.5 percent in the first 20 days of August from a year ago, suggesting that the country’s outbound shipments will continue its declining trend for the 11th straight month.

According to the Korea Customs Service on Monday, the exports in the first 20 days of this month stood at $27.86 billion, down 16.5 percent from the same period last year.

Average daily exports fell 10.7 percent based on 14.5 working days, one day less than the same period last year.

Korea’s exports fell for 10 months in a row from October last year to July. The downward trend is expected to continue this month.

By item, exports of semiconductors dropped 24.7 percent in the first 20 days of August from a year ago, petroleum products 41.7 percent, steel products 20.5 percent, precision machinery 23.4 percent, and computer peripherals 32.8 percent.

Outbound shipments of cars, on the other hand, rose 20.2 percent and ships 54.9 percent during the same period.

By destination, exports to China dropped 27.5 percent, U.S. 7.2 percent, and the European Union 7.1 percent. Exports to China declined for 14 consecutive months until July.

Korea’s imports during the same period totaled $31.42 billion, down 27.9 percent, resulting in a trade deficit of $3.57 billion, which is more than doubled from a deficit of $1.35 billion during the same period last year.