Exports of industrial parts, materials sink in Q1

South Korea's exports of industrial parts and materials fell for the fourth straight quarter in the first quarter of this year amid weak global demand and low oil prices, the trade ministry said Wednesday.

Outbound shipments of industrial parts and materials fell 10.7 percent on-year to $59.4 billion in the January-March period, accounting for 51.2 percent of the country's overall exports, according to the Ministry of Trade, Industry and Energy.

The first-quarter figure marked the fourth consecutive decline since the second quarter of last year, when it posted a 1.8 percent on-year drop.

Imports also shrank 10.7 percent on-year to $36.3 billion over the cited period, with the country posting a trade surplus of $23.1 billion.

It marked the 20th consecutive quarter that the country's quarterly trade surplus in the sector surpassed the $20 billion mark, the ministry said.

Shipments to most regions declined on sluggish global demand.

Exports to the Middle East tumbled 20.7 percent on-year to $2.7 billion, and shipments to China plunged 14.8 percent to $19.8 billion, while exports to the United States inched down 0.2 percent to $6.8 billion over the cited period. (Yonhap)