Korea's exports down 0.9 percent during first 10 days of January

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Korea's exports down 0.9 percent during first 10 days of January

Published: 11 Jan. 2023, 09:34 Updated: 11 Jan. 2023, 10:14

Containers are stacked at a port in Busan on Jan. 10. [YONHAP]

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