Data released on Wednesday showed that South Korea’s exports decreased by 1.7% year-on-year during the first ten days of October, largely due to a drop in global demand for semiconductors and fewer working days.
The total outbound shipments during the period from Oct. 1-10 amounted to $11.59 billion, compared to $11.79 billion in the same period in the previous year. However, the daily average exports rose 9.2% to $2.57 billion, the first such increase since September of last year.
The number of working days during the 10-day period was four and a half days, compared to five days in the corresponding period of the previous year.
Inbound shipments increased 8.4% year-on-year to $16.93 billion, resulting in a trade deficit of $5.34 billion.
Semiconductor exports, a major export item, dropped 5.4% to $2.11 billion. Demand for South Korean petroleum products, on the other hand, surged 45.2% to $1.52 billion and auto exports rose 14.7% to $1.08 billion.
Exports to China, South Korea’s largest trading partner, fell 4.2% to $2.86 billion. Exports to Vietnam declined 0.9% to $1.27 billion and those to the European Union plummeted 27.3% to $1.03 billion.
But shipments to the United States increased 14.7% to $1.88 billion and those to Japan rose 12.3% to $592 million.
The government is hoping that exports will improve in October due to signs of recovery in global demand for South Korean semiconductors, and has promised to take all necessary measures to support exporters.
As of Tuesday, the country’s trade deficit for the year was estimated at $25.03 billion.
graceoh@yna.co.kr
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