South Korea Posts Decline in Early August Exports
(MENAFN) South Korea’s exports declined by single digits in the first 10 days of August, primarily due to fewer working days, official customs data revealed Monday.
Exports totaled $14.71 billion in the August 1-10 period, marking a 4.3 percent drop compared to the same timeframe last year, according to the Korea Customs Service.
This contraction is linked to one less business day during the period. However, the daily average export value rose sharply by 9.3 percent to $2.10 billion.
Semiconductor shipments increased 12.0 percent, reaching $3.90 billion, while oil product exports plunged 19.4 percent to $1.22 billion.
Ship exports surged dramatically by 81.3 percent to $1.12 billion, and automotive exports grew 8.5 percent to $950 million.
Conversely, exports of steel products, auto parts, computers, and home appliances all declined by double-digit percentages.
Imports fell 13.6 percent year-on-year to $15.88 billion in the same period, pushing the trade deficit to $1.17 billion.
Imports of crude oil, natural gas, and machinery dropped by double digits, while semiconductor, car, oil product, and semiconductor equipment imports decreased in single digits.
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