Korea's exports down 16 percent during first 10 days of March

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Korea's exports down 16 percent during first 10 days of March

Published: 13 Mar. 2023, 10:05 Updated: 13 Mar. 2023, 10:41

A ship carrying containers leaves a port in the southeastern city of Busan on Friday. [YONHAP]

Korea's exports fell 16.2 percent on year in the first 10 days of March, data showed Monday, due to sluggish shipments of chips.

The country's outbound shipments stood at $15.8 billion in the March 1-10 period, compared with $18.8 billion a year earlier, according to data from the Korea Customs Service.

Imports advanced 2.7 percent on year to $20.8 billion during the cited period, resulting in a trade deficit of $4.9 billion.

Exports of chips, the backbone of Asia's No. 4 economy, plunged 41.2 percent over the period to hit $2.26 billion amid the sluggish global demand.

Overseas sales of petroleum and steel products moved down 21.6 percent and 13.9 percent, respectively, the data also showed.

Outbound shipments of automobiles, on the other hand, more than doubled to reach $1.69 billion.

By destination, exports to China, Korea's top trading partner, fell 35.3 percent to $3.17 billion, despite hopes over the reopening of the neighboring country.

Shipments to the United States, meanwhile, rose 5.6 percent to reach $2.28 billion.

Exports to the European Union and Vietnam decreased 6.2 percent and 16.4 percent, respectively, over the period.

In February, the country's outbound shipments fell 7.5 percent on year to $50.1 billion as exports of chips dived 42.5 percent over the period.

Exports have logged an on-year fall since October last year amid aggressive monetary tightening by major economies to curb inflation. The country has suffered a trade deficit for 11 straight months.

Korea's exports from Jan. 1 to Friday sank 12.6 percent from the previous year, with its trade deficits reaching $22.7 billion so far.

Yonhap