South Korea’s export falls 15.4 per cent in first 10 days of January

SEOUL (XINHUA) – South Korea’s export posted a double-digit fall in the first 10 days of January due mainly to fewer business days, customs office data showed yesterday.

Export, which takes up about half of the Asian country’s export-driven economy, amounted to USD11.2 billion in the January 1-10 period, down 15.4 per cent from the same period of last year, according to Korea Customs Service.

The daily average export gained 5.8 per cent in the cited period. The number of working days was six in the period, down 1.5 days from a year earlier.

The country’s outbound shipment rebounded four per cent in November, before recording a double-digit increase in December amid a partial recovery in global demand.

Export for oil products and precision machinery declined in double figures in the 10-day period, but shipment for telecommunication devices such as smartphone advanced in double digits. Semiconductor export inched down 0.3 per cent.

Export to Japan, the Middle East and Vietnam logged a double-digit reduction, but those to China and the United States (US), South Korea’s top two trading partners, slipped 5.6 per cent and 3.8 per cent.

Import dipped 22.9 per cent to USD11.8 billion, sending the trade deficit to USD0.6 billion in the first 10 days of this month.