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Korea’s exports down 16.6%, logs trade deficit during 10 days of Sept

Author : Saipriya Iyer | Published Date : 2022-09-14 

Korea’s exports down 16.6%, logs trade deficit during 10 days of Sept

During the first ten days of September, Korean exports have reportedly declined by 16.6% on-year owing to fewer working days because of the Chuseok break, and even its trade deficit widened due to rising energy prices.

As per data from the Korea Customs Service, the nation's outgoing shipments totaled $16.25 billion in the period from September 1 to 10, down from last year’s $19.48 billion.

Additionally, imports decreased by 10.9% on-year to $18.69 billion during the mentioned period, leading to a $2.44 billion trade deficit. This deficit surpasses last year’s $1.48 billion deficit during the same period.

If the current pattern holds, Korea is likely to record a trade deficit in September for the very first time in around 25 years for six consecutive months.

For this period, there were 6.5 working days, compared to 8.5 in the same period last year.

This year, the Chuseok holiday, also known as the Korean harvest festival, began on Friday and ended on Monday.

The agency also reports that while daily exports increased by 9%, average daily imports increased by 16.6% over the year.

Based on industry, semiconductors exports increased 7.9% on-year. One of the main exports from the nation is chips, which make up around 20% of all exports.

Due to the decline in global chip prices, in the last month, semiconductor shipments decreased for the first time in around 26 months.

During September 1–10, the outward shipments of petroleum products likewise grew by 11.7%.

However, exports of steel products decreased 36.4% and those of automobiles and automotive parts fell 17.9% and 15.8%, respectively, on a year-over-year basis.

Exports to China, Korea's top trading partner, decreased by 20.9% after declining over the previous three months. Additionally, exports to the EU fell by 23.2%, and to the USA by 11.6% on-year.

The continuing Russia-Ukraine crisis and rising oil and gas prices were the main causes behind this month's increase in imports.

Source credit: https://www.koreatimes.co.kr/www/biz/2022/09/488_335935.html

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Saipriya Iyer . .

Saipriya Iyer

Saipriya Iyer presently works as a content developer for fractovia.org. Having dabbled with the domain of content creation for nearly half a decade, she now boasts of an enviable portfolio, holding substantial experience in penning down pieces related to technology, finance, and a wide spectrum of other industry verticals. A qualified computer engineering graduate from the University of Pune, Saipriya can often be found leveraging her knowledge of software technology and electronics in her write-ups. She can be contacted at- [email protected] | https://twitter.com/saipriya_i

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