Export Decline Nearing the End

  • By Ahn Joong-hyeon

    July 14, 2020 13:11

    Exports shrank 1.7 percent on-year in early July. According to the Korea Customs Service on Monday, exports amounted to US$13.3 billion in the first 10 days of the month, down 1.7 percent or $230 million a year earlier.

    But that is a much smaller decline than the accumulated 8.6 percent from January to June.

    "It seems that exports hit rock-bottom in the second quarter and are poised for a recovery," said Moon Byung-ki, a senior researcher at the Korea International Trade Association.

    But it is hard to predict when exports will bounce back to previous growth levels because of the coronavirus epidemic and the U.S.-China trade war.

    Exports of semiconductors, cars and ships increased by 7.7 percent, 7.3 percent and a whopping 307 percent respectively. But those of petroleum products, wireless devices, and auto parts declined 42.2 percent, 9.7 percent, and 34 percent.

    By region, shipments to China increased 9.4 percent, followed by the U.S. (7.3 percent) and Vietnam (4.1 percent). But exports to Japan, Hong Kong and the Middle East fell by 20.8 percent, 6.9 percent and 32 percent.

    Meanwhile, imports during the first 10 days of this month amounted to $14.1 billion, down 9.1 percent or $14.1 billion on-year.

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