Exports Likely to Plunge for 12th Month Running

  • By Kim Sung-mo

    November 22, 2019 14:00

    Exports in the first 20 days of November dwindled nearly 10 percent on-year, suggesting that outbound shipments for the whole month will be down for the 12th month in a row.

    Exports were worth US$28.21 billion from Nov. 1 to 20, down 9.6 percent on-year, according to the Korea Customs Service on Thursday. The main reason is a prolonged slump in the global market for memory chips, which take up about one fifth of Korea's exports.

    Exports of semiconductors decreased 32.1 percent in October and 23.6 percent from Nov. 1 to 20. Ships also decreased by 65.3 percent, oil products 3.4 percent and mobile devices 1.9 percent over the same period.

    The decline was exacerbated by an economic slowdown in China, Korea's biggest export partner. Shipments to China fell 8.1 percent on-year, while they plummeted 25.3 percent to the EU, 4.7 percent to Vietnam and 3.1 percent to Japan.

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