Exports drop 16.1 percent during first 20 days of May

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Exports drop 16.1 percent during first 20 days of May

Published: 22 May. 2023, 13:35 Updated: 22 May. 2023, 16:28

Containers for export are stacked at a pier in Busan on May 10. [YONHAP]

Korea's outbound shipments in the first 20 days of May fell 16.1 percent on year, dragged by a prolonged global chip slump.

The country's exports stood at $32.4 billion between May 1 and May 20, compared with $38.6 billion a year earlier, according to the data from the Korea Customs Service.

Imports shed 15.3 percent on year to $36.7 billion during the cited period, resulting in a trade deficit of $4.3 billion.

In April, Korea's overall exports fell 14.2 percent on year to $49.6 billion.

Exports have logged an on-year fall since October last year amid aggressive monetary tightening by major economies to curb inflation. It was also the first time since 2020 that exports have declined for seven months in a row.

BY SOHN DONG-JOO, YONHAP [sohn.dongjoo@joongang.co.kr]