The Korea Herald


Exports down 7.9 pct during first 10 days of Sept.

By Yonhap

Published : Sept. 11, 2023 - 09:55

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Containers are being unloaded from ships at a port in the southeastern city of Busan on Sept. 1. (Yonhap) Containers are being unloaded from ships at a port in the southeastern city of Busan on Sept. 1. (Yonhap)

South Korea's exports fell 7.9 percent on-year in the first 10 days of September due to weak shipments of chips and petroleum products, data showed Monday.

The country's outbound shipments reached $14.9 billion in the Sept. 1-10 period, compared with $16.1 billion tallied a year earlier, according to the data from the Korea Customs Service.

Imports fell 11.3 percent on-year to $16.5 billion during the period, resulting in a trade deficit of $1.64 billion.

By segment, exports of chips, the backbone of Asia's No. 4 economy, slid 28.2 percent to $2.5 billion.

Exports of petroleum products also slid 14 percent to $1.39 billion, with those of auto parts falling 15.1 percent to $517 million.

Outbound shipments of automobiles, on the other hand, jumped 32.4 percent over the period to $1.4 billion. Exports of steel products also advanced 4 percent to $1 billion.

By destination, exports to China fell 17.7 percent to $3.39 billion amid the delayed spillover from its reopening. China is the biggest trading partner of South Korea.

Shipments to the United States edged up 2.3 percent to $2.5 billion, while those to Vietnam fell 1.2 percent to $1.4 billion.

Exports to the European Union and Japan decreased 14.7 percent and 9.4 percent, respectively.

South Korea's exports fell for the 11th consecutive month in August due mainly to weak demand for semiconductors and petroleum products, but the country reported a trade surplus for the third straight month.

Exports have been on a steady decline since October last year amid aggressive monetary tightening by major economies to curb high inflation and an economic slowdown. It is the first time since 2020 that exports have declined for 11 months in a row.

As of Sunday, the country's exports for this year had reached $424.3 billion, down 12.2 percent from the same period last year. The trade deficit so far reached $25.4 billion. (Yonhap)