South Korea Posts 4.3 Percent Decline in Exports
(MENAFN) South Korea’s exports declined by 4.3% in the first 10 days of August compared to the same period a year earlier, according to data released Monday by the Korea Customs Service. The drop was largely due to a shorter working period, with one fewer business day this year.
Total exports reached $14.71 billion from August 1 to 10. Despite the overall decline, average daily exports rose sharply by 9.3%, climbing to $2.10 billion during the period.
Semiconductor exports provided a notable boost, surging 12.0% to $3.90 billion, while shipments of oil products fell significantly by 19.4%, totaling $1.22 billion.
Exports of ships soared by 81.3% to $1.12 billion, and automobile exports grew 8.5% to $950 million. However, outbound shipments of steel products, auto parts, computers, and home appliances all dropped by double-digit percentages.
Imports also took a sharp downturn, falling 13.6% year-over-year to $15.88 billion during the same 10-day window. This resulted in a trade deficit of $1.17 billion.
Imports of crude oil, natural gas, and machinery saw double-digit declines, while purchases of semiconductors, cars, oil products, and semiconductor equipment dipped in single digits.
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