Exports down 14.8 percent during first 10 days of July

Containers for exports and imports are stacked at a pier in Busan on July 4. [YONHAP]

Korea's exports fell 14.8 percent on year in the first 10 days of July due to sluggish shipments of chips, data showed Tuesday.

The country's outbound shipments reached $13.3 billion in the July 1-10 period, compared with $15.5 billion tallied a year earlier, according to the data from the Korea Customs Service.

Imports fell 26.9 percent on year to $15.5 billion during the period, resulting in a trade deficit of $2.27 billion.

By sector, exports of chips, the backbone of the Korean economy, slid 36.8 percent over the period to $1.82 billion.

Those of automobiles, on the other hand, gained 25.2 percent to $1.44 billion, the data showed.

Exports of steel and petroleum products moved down 14.5 percent and 51.3 percent to $1 billion and $970 million, respectively, over the period.

Outbound shipments of ships jumped 74 percent to $660 million.

By destination, exports to China, the top trading partner, fell 20.6 percent to $2.74 billion, apparently as the anticipated impact of its economic reopening has been delayed.

Shipments to the United States edged down 9 percent to $2.5 billion, while those to the European Union gained 22.4 percent to $1.49 billion. Exports to Vietnam shed 32.5 percent to $1.12 billion.

In June, Korea's outbound shipments fell 6 percent on year to $54.24 billion. But the month posted the smallest on-year export decline so far this year, possibly indicating the country's exports may rebound in the second half of this year.

The country reported a trade surplus for the first time in 16 months in June.

As of Monday, Korea's exports so far this year had reached $320.4 billion, down 12.5 percent from the same period in 2022. The trade deficit so far has come to $28.7 billion.

Yonhap