South Korea’s export posts double-digit fall in first 10 days of October

SEOUL (XINHUA) – South Korea’s export posted a double-digit fall in the first 10 days of this month due to less business days, caused by the traditional Chuseok holiday, customs office data showed yesterday.

Export, which accounts for about half of the export-driven economy, amounted to USD9.3 billion during the October 1-10 period, down 28.8 per cent from the same period of last year, according to Korea Customs Service.

The number of working days reduced by two days in the cited period due to the Chuseok holiday, the South Korean version of Thanksgiving Day.

The daily average export grew 2.8 per cent in the 10-day period.

Semiconductor export advanced 11.2 per cent in the October 1-10 period, while those for automobiles, oil products and telecommunication devices tumbled in double figures.

Export to China, South Korea’s biggest trading partner, declined 20.9 per cent, and those to the United States, Japan, the Middle East and the European Union (EU) all plunged in double digits.

Import slipped 19.5 per cent over the year to USD11.1 billion in the 10-day period, sending the trade deficit to USD1.8 billion.

A woman walks past an advertisement for the Samsung Galaxy Z Fold2 and Z Flip smartphones at a Samsung Electronics store in Seoul. PHOTO: AFP