Exports down 17.4 per cent during first 20 days of March
South Korea's exports fell 17.4 per cent on-year in the first 20 days of March, data showed yesterday, amid the protracted downcycle in the global semiconductor industry.
The country's outbound shipments stood at US$30.9 billion in the March 1-20 period, compared with $37.4 billion a year earlier, according to the data from the Korea Customs Service.
Imports decreased 5.7 per cent on-year to $37.3 billion during the period, resulting in a trade deficit of $6.3 billion.
By sector, exports of chips plunged 44.7 per cent on-year to reach $4.32 billion. The sector is considered the backbone of Asia's No 4 economy.
Outbound shipments of petroleum and steel products also dipped 10.6 per cent and 12.7 per cent, respectively, to $2.9 billion and $2.6 billion.
Overseas sales of automobiles, on the other hand, jumped 69.6 per cent to hit $3.45 billion over the period.
By destination, exports to China, South Korea's top trading partner, decreased 36.2 per cent to $6.18 billion despite hopes over the reopening of the world's No. 2 economy.
Shipments to the United States, on the other hand, edged up 4.6 per cent to $5.6 billion.
Exports to the European Union and Việt Nam moved down 8.9 per cent and 28.3 per cent, respectively.
South Korea's exports from January 1 to Monday dipped 13.4 per cent on-year to $127 billion, with its trade deficit reaching $24 billion.
The amount of trade deficit reported so far this year accounts for more than half of the $47.8 billion losses reported for all of 2023.
In February, the country's outbound shipments fell 7.5 per cent on-year to $50.1 billion as exports of chips dived 42.5 per cent over the period.
Exports have logged an on-year fall since October last year amid aggressive monetary tightening by major economies to tame inflation.
It marked the first time since the 1990s for South Korea to suffer trade deficits for 12 straight months.
South Korea announces its full monthly trade balance report on the first day of each month.