Korea’s exports in first 10 days in June -17% to flag 7-mo losing streak

2019.06.11 13:33:43

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South Korea’s exports in the first 10 days in June fell by double digits against a year-ago period to flag a losing streak for the seventh month.

The country’s outbound shipments totaled $10.3 billion in the first 10 days of June, slipping 16.6 percent from the same period a year ago, according to the Korea Customs Service data on Tuesday. Daily exports averaged $1.71 billion, also down compared to $2.06 billion a year earlier, based on the same six working days.

Exports have been on a downward spiral since December.

From June 1 to 10, outbound shipments of the country’s mainstay items semiconductor and petroleum products sank 30.8 percent and 20.1 percent, respectively, from the same period a year ago. Exports of wireless communication devices fell 5.9 percent and automobiles were down 0.7 percent.

Vessel deliveries, however, soared 169.7 percent and home appliance exports jumped 68.1 percent over the same period.

By nation, exports to its key markets such as the country’s two biggest trading partners China and the United States continued to fall due to subdued demand amid escalating trade tensions between the world’s two superpowers.

Outbound shipments to China sank 26.7 percent, the United States 7.6 percent, Vietnam 1.2 percent, the European Union 17.0 percent, Japan 20.3 percent, and the Middle East 17.6 percent. Exports to Canada gained 16.5 percent.

The country’s imports in the first 10 days in June also contracted 10.8 percent on year to $12.5 billion, indicating weak domestic demand, causing a trade deficit of $2.23 billion.

Inbound shipments of semiconductors rose 18.1 percent, petroleum products 2.1 percent, and precision instruments 1.7 percent over the cited period. On the other hand, imports of crude oil plummeted 23.8 percent, gas 40.4 percent, and memory chip equipment 41.4 percent.

Imports from China expanded 6.7 percent, Australia 19.2 percent, and Vietnam 9.7 percent. Meanwhile, imports from the Middle East shrived 41.6 percent, the United States 6.2 percent, European Union 8.7 percent, and Japan 17.3 percent.

By Kim Tae-joon and Cho Jeehyun

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