BUSINESS S. Korea's exports drop 22 pct in Aug. 1-10 period

BUSINESS

S. Korea's exports drop 22 pct in Aug. 1-10 period

CGTN

02:49, August 13, 2019

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(Photo: CGTN)

South Korea's exports posted a double-digit drop for the first 10 days of this month on weak sales of semiconductors, customs office data showed Monday. 

Exports, which account for over half of the economy, reached 11.5 billion U.S. dollars during the August 1-10 period, down 22.1 percent from the same period last year, according to the Korea Customs Service. 

The country's exports continued to slide for eight straight months through July. 

Imports dropped 13.2 percent over the year to 14.2 billion dollars in the 10-day period, sending the trade deficit to 2.7 billion dollars. 

During the period, semiconductor exports tumbled 34.2 percent on the continued downturn in business cycle of the global chip industry.

Oil product shipments retreated 26.3 percent, and automobile exports shrank 6 percent. 

Exports of telecommunication devices, such as smartphones, jumped 41.6 percent in the period, and home appliances shipments advanced 25.6 percent. 

Shipments to China, South Korea's biggest trading partner, dropped 28.3 percent, and exports to Japan plunged 32.3 percent. 

Exports to the United States and the European Union also posted a double-digit reduction in the period.


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