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Exports drop 3.6 pct in first 10 days of Sept.

All News 14:20 September 12, 2016

SEJONG, Sept. 12 (Yonhap) -- South Korea's exports retreated 3.6 percent in the first 10 days of September from a year earlier, the latest customs data showed Monday, clouding a sustainable recovery in outbound shipments down the road.

Outbound shipments totaled US$13.5 billion from Sept. 1-10, down from $14 billion tallied over the same period last year, according to the Korea Customs Service (KCS).

Exports of semiconductors fell 5.2 percent on-year, and those of cars plunged 30.8 percent over the 10-day period, offsetting a 19 percent gain in ships and an 8 percent rise in auto parts.

The latest figure seems to throw a cold blanket on a slight upbeat mode in August when the country's exports rose 2.6 percent to snap their 19-month-long losing streak.

Experts estimate that Asia's fourth-largest economy will likely see its exports again relapse into negative terrain this month due to still-low oil prices and a recent maritime logistics disruption stemming from troubled Hanjin Shipping Co.

The receivership of Hanjin, South Korea's largest and the world's seventh-largest shipper, has triggered snowballing logistic chaos across the world over the past several days.

More than half of Hanjin carriers and their cargo abroad have been stranded at seas as lashing service firms and port workers refuse to work for the embattled shipper on concerns that they won't be paid.

Exports drop 3.6 pct in first 10 days of Sept. - 1


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