BUSINESS

Korea's exports fall 8.7% in first 10 days of Sept.

By Yonhap
  • Published : Sept 11, 2017 - 10:23
  • Updated : Sept 11, 2017 - 10:24
South Korea's exports fell 8.7 percent in the first 10 days of this month from a year earlier due to decreased business days, the latest customs data showed Monday.

Total outbound shipments reached $12.3 billion from Sept. 1-10, down from $13.5 billion tallied over the same period last year, according to numbers compiled by the Korea Customs Service.

The drop came as there were seven business days during the 10-day period, compared with the previous year's eight.
 
South Korea`s largest port of Busan. (Yonhap)

Exports of semiconductors continued the rally this month to surge 42.9 percent on-year, while those of petroleum products and passenger cars rose 15 percent and 13.7 percent, respectively.

Overseas sales of South Korea-made wireless devices sank 18.7 percent and exports of auto parts slumped 37.6 percent in the same period.

By country, exports to China retreated 2.8 percent over the 10-day period from a year earlier amid Beijing's retaliatory moves against Seoul's plan to deploy a US missile defense system on its soil.

Shipments to the United States also fell 5.2 percent, and those to the European Union edged down 0.7 percent on-year.

Meanwhile, imports contracted 3.4 percent on-year to $11.9 billion during the same period, with a trade surplus totaling $400 million.

Exports of Asia's fourth-largest economy have been on a roll since November last year on the back of recovering world trade and rising oil prices. (Yonhap)