Korea’s January 1-10 exports down 15.4% vs daily exports up 5.8%

2021.01.11 13:55:25

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South Korea’s exports in the first 10 days of New Year shriveled 15.4 percent on year due to shorter working days, while daily exports added 5.8 percent.

According to data from the Korea Customs Services Monday, the country’s exports totaled $11.2 billion in the first 10 days of January, down 15.4 percent from a year-ago period. Daily exports averaged $1.87 billion, up 5.8 percent from a year earlier, based on six working days, 1.5 days shorter than a year ago.

Monthly exports turned positive in November, rising 4.1 percent, and extended the gains to double digits in December.

Depreciation in petroleum products and precision equipment ate into shipment value.

From January 1 to 10, exports of petroleum products tumbled 62.9 percent, precision equipment 13.5 percent and semiconductors 0.3 percent. Shipments of vessels jumped 43.4 percent and wireless communications devices 43.3 percent.

Exports to Japan shrank 31.6 percent, the Middle East 49.3 percent, China 5.6 percent, the United States 3.8 percent and Vietnam 13.4 percent.

The country’s imports in the first 10 days were off 22.9 percent to total $11.8 billion, delivering a trade deficit of $636 million for the cited period.

Imports of crudes plunged 52.6 percent, machinery 19.1 percent and gas 41.7 percent, while inbound shipments of semiconductors were up 10 percent and wireless communications devices 10.1 percent. Automobile imports expanded 95.2 percent.

By Lee Ha-yeon

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