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Exports fall 2.9% during first 20 days of October despite strong chip sales

Published: 21 Oct. 2024, 13:46 Updated: 21 Oct. 2024, 18:00

Shipping containers are stacked at a port in the southeastern city of Busan in September. [NEWS1]

Korea's exports lost 2.9 percent on year in the first 20 days of October due to falling demand for vehicles and petroleum products and fewer working days, data showed Monday.

Outbound shipments reached $32.77 billion in the Oct. 1-20 period, compared to $33.74 billion tallied a year earlier, according to the data from the Korea Customs Service.

Per-day exports, however, rose 1 percent on year to $2.62 billion.

The number of working days during the cited period of this year came to 12.5 days, compared to 13 days a year earlier.

Imports shed 10.1 percent on year to $33.76 billion during the period, resulting in a trade surplus of $1 billion.

In September, exports rose 7.5 percent on year to $58.7 billion, the 12th straight monthly gain, government data showed.

Exports have led Korea's overall economic recovery since late last year after a yearlong downturn.

Exports of semiconductors surged 36.1 percent to $7.1 billion during the first 20 days of October.

Semiconductor exports accounted for 21.7 percent of the country's total exports during the cited period, up 6.2 percentage points from a year earlier amid an industry cycle upturn.

Auto exports, however, fell 3.3 percent to $3.19 billion, and those of automotive parts went down 2 percent to $1.03 billion.

Sales of steel products decreased 5.5 percent to $2.24 billion, and exports of petroleum products tumbled 40 percent to $2.1 billion.

Ship sales lost 16.2 percent to $1.36 billion.

By nation, shipments to China went up 1.2 percent to $7.24 billion, while exports to the United States inched down 2.6 percent to $5.62 billion.

Exports to Vietnam advanced 1.1 percent to $3.19 billion, but those to the European Union fell 8.9 percent to $3.16 billion.

Exports to Taiwan soared 90 percent to $1.92 billion, while shipments to Japan slid 12.6 percent to $14.5 billion.

The government expected exports to advance 9 percent this year to reach a record high of over $700 billion.

Yonhap