June 12, 2019 11:57
Korea's exports have shrunk further amid an escalating trade war between China and the U.S.
The Korea Customs Service on Tuesday said exports in the first 10 days of this month amounted to US$10.3 billion, down an alarming 16.6 percent from a year ago. Exports have fallen for six months running since December last year.
Exports of semiconductors plunged 30.8 percent on-year and of petroleum products 20.1 percent. Cars and mobile communication equipment were down 0.7 percent and 5.9 percent.
All exports to major trading partners shrank -- 26.7 percent to China, 7.6 percent to the U.S., 17 percent to the EU, 20.3 percent to Japan and 17.6 percent to the Middle East.
"Korea relies heavily on exports of certain goods like semiconductors to certain countries, making it vulnerable to risks like the ongoing trade war between China and the U.S.," said Kim Gwang-suk at the Institute for Korean Economy and Industry. "Korea is now paying the price for failing to diversify its export portfolio while relying on the global semiconductor boom over the past few years."
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