Korea's exports down 0.9 percent during first 10 days of January
Korea's exports slipped 0.9 percent on year in the first 10 days of January, data showed Wednesday, as demand for chips and precision machinery slowed.
The country's outbound shipments stood at $13.86 billion in the Jan. 1-10 period, compared with $13.98 billion a year earlier, according to the data from the Korea Customs Service.
Imports, on the other hand, moved up 6.3 percent on year to $20.13 billion during the cited period, resulting in a trade deficit of $6.2 billion.
By sector, exports of chips, the mainstay export products, fell 29.5 percent on year to $2 billion.
Overseas shipments of steel and precision machinery also decreased 12.8 percent and 11.5 percent to $1 billion and $300 million, respectively, the data showed.
Exports of petroleum products, on the other hand, advanced 26.9 percent to $1.28 billion, with those of automobiles soaring 51.7 percent to hit $1.27 billion over the period, it added.
By destination, exports to China slipped 23.7 percent on year over the first 10 days of 2023, reaching $2.93 billion.
Those to the United States, on the other hand, jumped 17.6 percent to $2.28 billion, the data added.
Exports to the European Union gained 21.8 percent, while those to Vietnam lost 5.1 percent.
In December, monthly exports fell 9.5 percent on year at $54.99 billion, extending the losing streak to the third consecutive month. Imports went down 2.4 percent on year last month to $59.68 billion, and the monthly trade deficit came to $4.69 billion.
Imports have exceeded exports in Korea since April, and December was the first time since 1997 that the country has suffered a trade deficit for nine months in a row.
Yonhap
with the Korea JoongAng Daily
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