Korea’s exports gain 3% vs imports of 13% April 1-10, deficit at $3.5 bn

2022.04.11 14:25:50

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South Korean exports have sharply lost steam, while imports maintained expansion in double digits due to spike in fuel cost, resulting in a trade deficit of more than $3 billion in the first 10 days of April.

According to data released by the Korea Customs Service on Monday, the country’s exports totaled $15.34 billion in the first 10 days of April, up 3 percent from a year-ago period. Daily exports averaged at $2.17 billion, gaining 17.7 percent from a year earlier, based on seven working days, a day shorter than a year ago.

Until March, exports kept winning streak against a year-ago period in double digits –15.5 percent in January, 20.6 percent in February, and 18.2 percent in March.

Imports in the first 10 days of April soared 12.8 percent on year to $18.85 billion, delivering a trade deficit of $3.52 billion, as the result of strong fuel cost.

From April 1 to 10, semiconductor exports expanded 14.2 percent, petroleum products 97 percent, and computer devices 22.5 percent. Shipments of automobiles and wireless communications devices, however, contracted 13.1 percent and 10.3 percent, respectively.

By country, exports to the U.S. gained 4 percent, Vietnam 15.2 percent, the European Union 2.9 percent, and Taiwan 4.1 percent. Shipments to China slid 3.4 percent and Japan 11.2 percent.

Crude imports leaped 43 percent on year, semiconductors 8 percent, gas 141.6 percent and petroleum products 71.6 percent, while inbound shipments of machinery contracted 11.6 percent, and automobiles 0.9 percent.

Imports from the European Union rose 17.5 percent, Saudi Arabia 62.9 percent, Taiwan 13.4 percent, and Russia 19.3 percent. Those from China however declined 3.7 percent, the U.S. 10.8 percent, and Japan 4.7 percent.

Russia last year banned exports of 219 items to prevent supply shortages and price hike in the country, but energy-related products Korea depends on imports from Russia were not included in the list.

By Lee Ha-yeon

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