S.Korea’s exports fall 2.9% in first 20 days of October; chip sales strong
Kyung-Min Kang
5 HOURS AGO
Semiconductors are South Korea's top export items South Korea’s exports, the country’s main growth driver, fell 2.9% in the first 20 days of October due to falling demand for vehicles and petroleum products and fewer working days, government data showed on Monday.
Korean exports of semiconductors, the country’s top export item, however, remained strong, continuing its double-digit growth trend after turning positive last November.
Chip exports from Asia’s fourth-largest economy grew 36.1% on-year to $7.1 billion in the first 20 days of October, according to the Korea Customs Service. Exports of computer-related devices increased 15.6% from a year earlier.
Korea is home to the world’s two largest memory chipmakers – Samsung Electronics Co. and SK Hynix Inc.
Korea’s total outbound shipments reached $32.77 billion Oct. 1-20, down 2.9% from $33.74 billion a year earlier.
A container ship at a Korean seaport The customs office attributed the export decline to fewer working days – 12.5 days –during the first 20 days of October, compared with 13 days a year earlier.
Average daily exports, after taking fewer working days into account, however, rose 1% on-year to $2.62 billion, it said.
Imports shed 10.1% on-year to $33.76 billion, resulting in a trade surplus of about $1.08 billion, higher than a surplus of $770 million in the 20 days of September.
GROWING SHARE OF SEMICONDUCTORS
Customs data showed semiconductors accounted for 21.7% of the country's total exports during the 20 days, up 6.2 percentage points from a year earlier, amid a chip industry upturn
Auto exports fell 3.3% to $3.19 billion, while automotive part exports declined 2% to $1.03 billion.
The Korando e-Motion, TG Mobility’s first electric vehicle, loaded for export to Europe Outbound shipments of steel products decreased 5.5% to $2.24 billion, while exports of petroleum products tumbled 40% to $2.1 billion.
Ship exports fell 16.2% to $1.36 billion.
By nation, exports to the US inched down 2.6% to $5.62 billion, while shipments to the European Union and Japan declined 8.9% and 12.6% to $3.16 billion and $14.5 billion, respectively.
Shipments to China grew 1.2% to $7.24 billion, while exports to Vietnam and Taiwan rose by 1.1% and 90% to $3.19 billion and $1.92 billion, respectively.
IMPORTS
Crude oil imports fell 25.5% in the first 20 days of October from a year earlier, while petroleum products and machinery imports shed 13.2% and 9.1%, respectively.
A Cosco Shipping container ship is docked at a port By nation, imports from the EU declined the most with a 12.7% on-year fall, followed by an 11.1% fall from China and a 4.8% fall from the US.