Korea's exports fall 10.3% on year in Jan, logging first trade deficit in 20 months
Published: 02 Feb. 2025, 15:20
![Containers for exports are stacked at a container yard at a port in Pyeongtaek, Gyeonggi, on May 9, 2024. [NEWS1]](https://koreajoongangdaily.joins.com/data/photo/2025/02/02/4d52dd71-e47d-416f-ae8d-37ba9d0b9ecd.jpg)
Containers for exports are stacked at a container yard at a port in Pyeongtaek, Gyeonggi, on May 9, 2024. [NEWS1]
Korea's exports snapped their 15 straight months of annual increases in January due to a reduced number of business days from the extended Lunar New Year holiday, data showed Saturday.
Outbound shipments fell 10.3 percent from a year earlier to $49.1 billion last month, according to data compiled by the Ministry of Trade, Industry and Energy.
Imports fell 6.4 percent on year to $51 billion, resulting in a trade deficit of $1.89 billion, logging the first deficit in 20 months.
By sector, exports of semiconductors climbed 8.1 percent to hit $10.1 billion, marking the second-highest amount for any January. It was also the ninth consecutive month for chip exports to surpass the $10 billion mark.
Outbound shipments of computers, including solid state drives, also advanced 14.8 percent to $800 million, rising for the 13th straight month.
Exports of automobiles, on the other hand, tumbled 19.6 percent on year to $5 billion as production was highly affected by the long holiday.
Petroleum and petrochemical product shipments slid 29.8 percent to $3.4 billion due to lower crude prices and a fire at a major production facility in late December affecting exports.
By destination, exports to China slipped 14.1 percent on year to $9.2 billion. Exports to the United States fell 9.4 percent to $9.3 billion, the data showed.
Outbound shipments to Asean edged down 2.1 percent to $8.6 billion.
"Exports temporarily slowed down in January due to the reduced number of business days as a result of the long Lunar New Year holiday," Industry Minister Ahn Duk-geun said.
"The country's export momentum is still holding up considering that South Korea's daily average exports increased 7.7 percent on year and having seen growth in major sectors and markets," he added, vowing to support exports amid heightened economic uncertainties.
Yonhap
with the Korea JoongAng Daily
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