Korean Economy News
Korea’s July 1-10 exports slip 1.7% on year, suggest easing in contraction

South Korean exports in the first 10 days of July fell 1.7 percent from the same period last year, suggesting easing in the decline in global shipments amid the COVID-19 fallout.

According to the data from the Korea Customs Service on Monday, the country’s outbound shipments reached $13.3 billion in July 1-10, down 1.7 percent from a year earlier. The daily experts also slipped 1.7 percent with the same number of working days at 8.5 days.

Shipments of semiconductors, the nation’s mainstay item, jumped 7.7 percent during the July 1-10 period. Exports of ships soared 307 percent and automobiles 7.3 percent.

Exports of petroleum products, on the other hand, fell 42.2 percent on year. Auto parts shipments dropped 34 percent and wireless communication devices 9.7 percent.

Shipments to China, Korea’s largest trading partner, gained 9.4 percent. Exports to the United States grew 7.3 percent and Vietnam 4.1 percent. Shipments bound for the Middle East tumbled 32 percent, Japan 20.8 percent and Hong Kong 6.9 percent.

Imports dipped 9.1 percent to $14.1 billion, resulting in a trade deficit of $840 million in the 10-day period.

Crude oil imports slumped 32.6 percent, machinery 12.9 percent and gas 3.2 percent. Imports of chip-making equipment increased 85.1 percent, mobile communication devices 29.9 percent and semiconductors 6.9 percent.

Imports from the Middle East sank 18.5 percent, the U.S. 12.9 percent, the European Union 11.9 percent and China 1.3 percent. Imports from Taiwan rose 22.4 percent and Vietnam 0.7 percent.

By Choi Mira

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]

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