Korea's exports down 8.2% in Sept.

Published : Oct 1, 2018 - 09:08 Updated : Oct 1, 2018 - 11:29

South Korea's exports slipped in September compared with a year ago due to fewer working days and a high base effect, despite the high daily volume of products shipped abroad, government data showed Monday.

Outbound shipments reached $50.58 billion last month, down 8.2 percent from a year ago, according to the data compiled by the Ministry of Trade, Industry and Energy. Average daily exports reached $2.69 billion in September, constituting a record high.

Imports fell 2.1 percent on-year to $40.83 billion, and the country's trade surplus reached $9.7 billion. This marks 80 straight months in which the country's exports have exceeded imports, the ministry said.

There were only 19.5 working days in September this year due to the Chuseok holiday falling from Sept. 24-26, resulting in four fewer days compared with a year ago.

(Yonhap)

Shipments of semiconductors jumped 28.3 percent to $12.4 billion last month on robust sales of high-value memory chips and storage devices in major markets, breaking the previous record high.

Overseas sales of petroleum goods gained 13.5 percent to $4.14 billion, aided by strong demand and rising oil prices.

In contrast, exports of vehicles tumbled 22.4 percent due to fewer working days, despite upbeat sales in the United States, the top auto market for Korean carmakers.

Sales of displays fell 12.1 percent from a year earlier, affected by falling prices of liquid crystal display panels on weak demand for TVs.

Ship exports continued to grapple with slumping global demand and a high base effect, plunging 55.5 percent compared with a year ago.

By country, exports to China, South Korea's top trading partner, advanced a respectable 7.8 percent on-year on the back of memory chips, petrochemicals and machinery products.

Sales in the US sank 11.8 percent on tepid demand for petroleum goods and wireless communication equipment, offsetting brisk sales of autos, machinery and computers.

The Seoul government said the strong global demand in the manufacturing and heavy industry sectors, as well as rising oil prices, will positively affect the nation's exports in the latter half of the year.

However, a possibility of protracted trade disputes between Washington and Beijing and the rising volatility in the financial market ahead of the US interest rate adjustment remain downside risks, it noted.

"South Korea's export growth is expected to hover around 5 percent after October, which would enable this year's exports to surpass $600 billion for the first time," Trade Minister Kim Hyun-chong said in a briefing. "But the external environment is not favorable due to rising protectionism in major economies and currency fluctuations in emerging economies following the US Federal Reserve's interest hike." (Yonhap)