South Korea’s export landscape faced a notable setback in the initial ten days of September, as reported by the South Korean Customs Service (KCS). Exports during this period recorded a year-on-year decline of 7.9%, amounting to $14.86 billion, with semiconductor exports remaining a significant contributing factor to this downward trend.
The report highlights that the average daily exports witnessed a more pronounced drop of 14.5% within the first ten days of September. This decline follows the persistent export contraction observed in August, marking the 11th consecutive month of diminishing export sales.
When examining exports by category, semiconductor exports stood out with a substantial 28.2% decrease. Additionally, exports of oil products, automotive parts, precision machinery, and computers experienced significant contractions in double digits.
Despite these challenges, there were some positive developments. Exports of automobiles bucked the trend by surging 32.4%, showcasing resilience in this sector. Furthermore, exports of steel products and mobile devices demonstrated growth during the initial ten days of September.
In parallel with the export decline, South Korea’s total imports for the same period registered an 11.3% year-on-year decrease, amounting to $16.5 billion. This dip in imports resulted in South Korea facing a trade deficit of $1.64 billion during the same timeframe.
These export and import figures provide a snapshot of South Korea’s trade dynamics in early September, reflecting both challenges and opportunities within its economic landscape.