Korea’s March 1-10 exports up 22% on year on chip rebound, daily shipment fall

2020.03.11 15:13:18

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South Korean exports rebounded by double digits in the first 10 days of March against poor year-ago performance in chips and petrochemicals, but daily shipment fell 2.5 percent.

The country’s exports from March 1 to 10 totaled $13.3 billion, up 21.9 percent from the same period last year, according to the Korea Customs Services data on Wednesday. The average daily exports were down 2.5 percent to 2.4 billion won, with 1.5 more working days compared to a year earlier.

Outbound shipment of memory chips gained 22 percent, petroleum products 30.6 percent, automobiles 11.8 percent, and wireless communication devices 17.3 percent. Ship deliveries and display exports, in contrast, plunged 63.2 percent and 12.9 percent, respectively, on year.

Exports to China grew 14.8 percent, the United States 45.4 percent, Vietnam 27.2 percent, Japan 22.7 percent, and the Middle East 51 percent, while shipments to the European Union slipped 0.4 percent.

Imports in the first 10 days of March gained 14.2 percent on year to $13.3 billion, resulting in a trade surplus of $41 million.

Semiconductor imports rose 25.9 percent, machineries 3.7 percent and petroleum 85.3 percent compared to the same period last year. In contrast, imports of crude oil decreased 8.6 percent, coal 16.9 percent, automobiles 0.1 percent.

Imports from China gained 12.1 percent, the U.S. 4.5 percent, the EU 24.1 percent, Japan 14.8 percent, and Vietnam 36.7 percent. On the other hand, shipments from Australia shrank 4.7 percent and Canada 17.1 percent.

By Cho Jeehyun

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