South Korea’s exports dipped 12.2 percent in June on year snapping a seven-month-long winning streak to reach $12.2 billion in the first 10 days, according to the Korea Customs Service Sunday.
The country has posted seventh straight months of growth in outbound shipments from November to last month, which was the longest winning streak in five years and a half.
Daily shipment also dropped 5.9 percent to $1.74 billion from $1.85 billion a year earlier.
Drop in the figures is largely attributable to previous year’s one-off factor that lifted total exports revenue on an increase in outbound shipments of vessels early June of 2016, said an official. He also added, number of working days was fewer this year – 7.0 days – compared to 7.5 days last year.
Exports of semiconductors rose 32.0 percent on year in the first ten days of June, and those of petrochemicals up 10.4 percent. Shipment of vessels and wireless communication devices, on the other hand, tumbled 77.7 percent and 25.9 percent, respectively.
By nation, exports to Vietnam increased by 32.2 percent, Japan 13.6 percent. Shipment to the U.S. and China, however, dropped 26.7 percent and 1.0 percent, respectively.
The nation’s imports reached $13.5 billion during the first 10 days in June, up 12.4 percent from a year-ago period, to deliver a trade deficit of $1.3 billion.
By Kim Gyu-sik
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]