APD | South Korea's exports down 6.1 percent in Jan

By APD writer Alice

South Korea's outbound shipments reached US$43.35 billion last month, down 6.1 percent from $46.17 billion a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.

The declining pace was slower than the median forecast of a 7.5 percent on-year drop.

The January exports dropped due to fewer working days last month compared with a year earlier as the Lunar New Year holiday fell during the Jan. 24-27, and chip demand still remaining weak.

By product, South Korea's chip shipments fell 3.4 percent to $7.1 billion, marking the slowest decrease since December 2018.

Car exports plunged 22.2 percent on-year in January, and shipments of petrochemical goods decreased 17.1 percent to $3.3 billion due to the sluggish global demand.

By country, exports to China was down 10.5 percent year on year to $9.69 billion, due mainly to the decrease in shipments of machinery, along with the Chinese Lunar New Year holiday. Meanwhile, those to the United States lost 7 percent to $5.78 billion on weaker demand for South Korean cars and mobile devices.

Outbound shipments to Japan fell 6.4 percent amid the monthslong trade feud between Seoul and Tokyo.

The country’s imports also decreased 5.3 percent on-year in January to $42.7 billion, resulting a trade surplus of $620 million, marking 96 straight months in which the country's exports have exceeded imports.

(ASIA PACIFIC DAILY)