S. Korea Posts 15.2 Percent Drop in October Exports
(MENAFN) South Korea’s exports plunged 15.2% in the first 10 days of October compared to the same period last year, as fewer working days weighed on trade performance, according to Korea Customs Service data released Monday.
Outbound shipments totaled $12.97 billion from October 1 to 10, with the sharp decline largely attributed to the shortened work schedule due to the Chuseok holiday, South Korea’s traditional Thanksgiving celebration. The number of working days dropped by two during the reporting period.
Despite the overall decline, average daily exports soared 33.2%, reaching $3.70 billion.
Exports of semiconductors, a cornerstone of South Korea's tech-driven economy, surged 47.0% to $4.51 billion, while oil product exports rose 6.2% to $1.21 billion.
In contrast, shipments of ships, steel, automobiles, mobile devices, auto parts, computers, precision machinery, and home appliances each registered double-digit declines.
On the import side, inbound shipments dropped 22.8% year-over-year to $13.49 billion, pushing the trade balance into a $527 million deficit for the period.
Imports of crude oil and coal increased significantly, while those of natural gas, chips, semiconductor equipment, machinery, vehicles, and mobile phones experienced double-digit falls.
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