South Korea's exports drop nearly 8% in early Oct amid fewer working days from Chuseok holiday

Seoul [South Korea], October 21 (ANI): South Korea's exports fell by nearly 8 per cent in the first 20 days of October from the same period a year ago as the long Chuseok holiday cut working days, according to the Pulse, the english service of Maeil Business Newspaper Korea.

According to data from the Korea Customs Service, Korea shipped USD 30.15 billion worth of goods overseas from October 1 to 20, down 7.8 per cent from a year earlier.

Average daily exports rose 9.7 per cent to USD 2.87 billion based on 10.5 working days, 2 days shorter than last year.

By region, exports to the United States slumped 24.7 per cent in the first 20 days of October, reflecting tariff impacts. Shipments to Vietnam fell 10 per cent and to China 9.2 per cent. Exports to Taiwan, on the other hand, jumped 58.1 per cent, Hong Kong 4.9 per cent, and Singapore 5.3 per cent.

By item, semiconductor exports increased 20.2 percent, petroleum products 10.9 per cent, and ships 11.7 per cent. Passenger car exports dropped 25 percent and wireless communication devices 17.7 per cent during the cited period.

Imports totaled USD 33 billion, down 2.3 percent from a year ago, resulting in a trade deficit of USD 2.8 billion.

Crude oil imports climbed 12.6 percent, semiconductors 0.8 percent, and passenger cars 41.7 percent, while gas imports fell 35 percent and machinery 2.3 percent.

Imports from the US rose 2.3 per cent, Australia 30.7 per cent, Taiwan 16.2 per cent, and Vietnam 9.1 per cent. Imports from China fell 11.6 per cent and from the European Union 2.3 per cent. (ANI)

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