South Korea’s Exports Decline 15.3% in First 10 Days of August


(ATTN: UPDATES with details throughout)
By Kang Yoon-seung

SEOUL, Aug. 11 (Yonhap) — Statistics from the Korea Customs Service revealed that South Korea’s exports decreased 15.3% year-on-year during the initial 10 days of August, due to weak chip and petroleum sales.

The country’s exports totaled $13.2 billion during the Aug. 1-10 period, compared to $15.6 billion in the same period last year.

Imports plummeted 30.5 percent year-on-year to $16.2 billion, resulting in a trade deficit of $3 billion.

Exports of semiconductors dropped 18.1% to $2.45 billion, and those of petroleum products decreased 37.8% to $1.37 billion.

Outbound shipments of steel and mobile electronics fell 22.4% and 4.2%, respectively, to $967 million and $540 million.

Automobile exports, however, rose 27.2% to $535 million.

Exports to China, South Korea’s leading trading partner, dropped 25.9% to $2.87 billion.

Shipments to the United States declined 0.8% to $1.92 billion, while those to Vietnam increased 3.7% to $1.51 billion.

South Korea’s exports have been in a downward spiral since October 2020, due to high inflation and economic slowdown, as well as aggressive monetary tightening by major economies.

The year-to-date trade deficit as of Thursday was $27.8 billion.

Containers are stacked at a port in Busan, 320 kilometers south of Seoul, in this file photo taken Aug. 1, 2023. (Yonhap)

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