(LEAD) Exports down 8.6 pct during first 10 days of April

All News 09:26 April 11, 2023

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

SEOUL, April 11 (Yonhap) -- South Korea's exports fell 8.6 percent on-year in the first 10 days of April, data showed Tuesday, due to the continued downcycle in the global chip industry.

The country's outbound shipments stood at US$14 billion in the April 1-10 period, compared with $15.3 billion a year earlier, according to the data from the Korea Customs Service.

Imports shed 7.3 percent on-year to $17.4 billion during the cited period, resulting in a trade deficit of $3.41 billion.

By sector, exports of chips plunged 39.8 percent over the period to reach $1.77 billion, due to the weak global demand amid economic uncertainties.

Those of automobiles, on the other hand, shot up 64.2 percent to $1.5 billion, limiting the overall decline.

Outbound shipments of petroleum and steel products decreased 19.9 percent and 15.1 percent, respectively, to $1.1 billion and $1 billion.

By destination, exports to the United States reached $30 billion by rising 32.1 percent, outpacing those to China, which fell 31.9 percent to $2.66 billion.

Shipments to the European Union rose 14.5 percent over the period to $1.57 billion, trailed by Vietnam with $1 billion and Japan with $651 million.

In March, outbound shipments fell 13.6 percent on-year to $55.12 billion.

Exports have logged an on-year fall since October last year amid aggressive monetary tightening by major economies to curb inflation. It is also the first time since 2020 that exports have declined for six months in a row.

South Korea announces its full monthly trade balance report on the first day of each month.