Korea's exports down 17.4 percent during first 20 days of March

Cranes unload containers from carriers at Busan Port on March 13. [YONHAP]

Korea's exports fell 17.4 percent on year in the first 20 days of March, data showed Tuesday, amid the protracted downcycle in the global semiconductor industry.

The country's outbound shipments stood at $30.9 billion between March 1 and March 20, compared with $37.4 billion a year earlier, according to the data from the Korea Customs Service.

Imports decreased 5.7 percent on year to $37.3 billion during the period, resulting in a trade deficit of $6.3 billion.

By sector, exports of chips plunged 44.7 percent on year to reach $4.32 billion.

Outbound shipments of petroleum and steel products also dipped 10.6 percent and 12.7 percent, respectively, to $2.9 billion and $2.6 billion.

Overseas sales of automobiles, on the other hand, jumped 69.6 percent to hit $3.45 billion over the period.

By destination, exports to China decreased 36.2 percent to $6.18 billion despite hopes over the reopening of China.

Shipments to the United States, on the other hand, edged up 4.6 percent to $5.6 billion.

Exports to the European Union and Vietnam moved down 8.9 percent and 28.3 percent, respectively.

Korea's exports from Jan. 1 to Monday dipped 13.4 percent on year to $127 billion, with its trade deficit reaching $24 billion.

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 tame inflation. The country has suffered a trade deficit for 11 straight months.

Korea announces its full monthly trade balance report on the first day of each month.

Yonhap