Exports down 2.8% during first 10 days of November

Economy

Published: 11 Nov. 2022, 10:12

Exports down 2.8% during first 10 days of November

Containers are piled up at a port in Busan on Nov. 8, 2022. [YONHAP]

Korea's exports slipped 2.8 percent on-year in the first 10 days of November due mainly to weak shipments of chips and mobile devices, data showed Friday.

The country's outbound shipments stood at $17.7 billion in the Nov. 1-10 period, compared with $18.2 billion a year earlier, according to the data from the Korea Customs Service.

Imports also went down 6.7 percent on-year to $19.8 billion during the cited period, resulting in a trade deficit of $2.05 billion.

By sector, outbound shipments of chips, the mainstay export product for Asia's No. 4 economy, plunged nearly 27 percent in the first 10 days of the month to reach $2.7 billion. Exports of mobile devices fell 13.2 percent over the period to $700 million.

Overseas sales of petroleum products, on the other hand, shot up a whopping 64 percent to reach $1.9 billion, the data showed. Exports of automobiles advanced 31.8 percent to reach $1.45 billion.

By nation, exports to China, the largest trading partner, came to $3.8 billion in the 10-day period, dropping 25.4 percent on-year.

Shipments to the United States, on the other hand, moved up 21 percent to $3 billion.

Exports to the European Union and Vietnam also gained 6.8 percent and 1.2 percent over the period, respectively, the customs agency said.

Korea's exports this year have reached $594.9 billion so far, up 9.8 percent on-year. Imports, meanwhile, increased at a wider margin of 22.2 percent to hit $632.5 billion on high energy costs, resulting in a deficit of $37.6 billion.

Exports stood at US$52.48 billion in October, down 5.7 percent from $55.7 billion a year earlier, separate data from the trade ministry showed. It was the first on-year drop since the 3.6 percent fall posted in October 2020.

Yonhap