Korea’s exports to China shrink for 11 consecutive months

By Korea Herald

Published : June 23, 2016 - 10:49

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[THE INVESTOR] Korea’s monthly exports to China shrank for the 11th consecutive month in May, matching the record set in 2008 and 2009, industry data showed on June 23.

According to the Korea International Trade Association, Korea’s exports to China came in at US$9.93 billion in May, falling 9.1 percent from a year ago.

Korea’s exports to China have shown year-on-year drop since July 2015. However, the rate of decrease has slowed in recent months, the data showed. From December to April, Korea’s exports to China recorded double digit decrease.

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Korea’s exports to China from January to May came in at about US$48.09 billion, down 15 percent compared to the same period last year.

By products, semiconductor exports saw a drop of 19.1 percent during the first five months of the year to come in at US$9.15 billion, while flat screen display exports dropped 23.1 percent.

In addition to China, exports to the US dropped by 3.2 percent in the January-May period from a year earlier.

However, exports to Vietnam, which is now Korea’s third largest export destination, grew 10.8 percent to come in at US$12.5 billion.

By Choi He-suk (cheesuk@heraldcorp.com)

Korea Herald
Korea Herald
Articles by Korea Herald

Korea’s exports to China shrink for 11 consecutive months

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