Exports to China drop for 13th consecutive month: data

South Korea's exports to China dropped for the 13th consecutive month in July, the longest losing streak, data showed on Wednesday, as a slowdown in the world's No. 2 economy is showing no signs of a recovery.

According to the data compiled by the Korea International Trade Association, shipments to China, South Korea's largest trading partner, dropped 9.4 percent on-year to reach US$10.13 billion last month, marking the 13th straight month of decline.

China, grappling with slow growth, is South Korea's biggest export destination.

The pace of decline in exports to China has slowed since May with exports dipping 9.1 percent on year during the month, compared with an 18.3 percent slip in April.

In the first six months of this year, exports to China fell 14 percent on year to $58.3 billion, according to the data.

Semiconductor shipments to China declined 14.3 percent on-year to $1.88 billion in July, while flat panel shipments also sank 19.4 percent to $1.53 billion over the cited period.

In contrast, exports of petrochemical products and auto parts soared 35 percent and 13 percent, respectively, from a year earlier, the data showed.

Exports to the United States also fell 14.4 percent on year to $52.9 billion in July, while shipment to Japan fell 2.1 percent to $2.1 billion over the cited period.

Shipment to Vietnam, South Korea's No. 3 trading partner, rose 7.2 percent on-year to reach $2.82 billion, according to the data.

South Korea's exports reached $41 billion last month, down 10.2 percent from a year earlier, marking a record 19th straight month of decline since January 2015. (Yonhap)