Korea's exports to China shrink for 14 consecutive months

South Korea's exports to China continued to drop for the 14th consecutive month in August, the longest streak in history, data showed Friday.

Outbound shipments to China came to $10.3 billion last month, down 5.3 percent from the same month last year, according to the data from the Korea International Trade Association.

The rate marked the slowest on-year drop since the country's exports began to dwindle in July 2015. The rate of decline peaked at a 21.5 percent on-year plunge in January.

The cut in shipments to China has partly been attributed to a slump in China's own exports as the world's second-largest economy continues to look toward its own market for development.

In August, South Korea's exports of semiconductors slipped 7.6 percent on-year to $2.22 billion, while shipments of other key industrial parts and materials that had long benefited from China's own increasing exports also dwindled.

Shipments of flat display panels and sensors plunged 13.3 percent on-year to $1.62 billion last month, with shipments of mobile communication devices tumbling 12.6 percent to $494 million.

The drop in exports to China, the world's single largest importer of South Korean goods, has apparently taken a toll on South Korea's overall exports as well. The country's overall exports had fallen for a record streak of 19 consecutive months since January 2015 before posting 2.6 percent growth last month.

Despite a continued drop in exports, South Korea's imports from China gained 3 percent on-year to $7.38 billion in August, posting the first on-year growth in three months, according to the data.

Meanwhile, the data showed the country's exports to the United States dropped 4.7 percent to $4.82 billion in August.

Shipments to Vietnam, the world's third-largest importer of South Korean goods, spiked 22.6 percent to $2.75 billion over the cited period. (Yonhap)