South Korean exports fall 2.7% in Jan 1-20 period

South Korean exports fall 2.7% in Jan 1-20 period
FILE PHOTO: A truck drives between shipping containers at a container terminal at Incheon port in Incheon, South Korea, May 26, 2016. REUTERS/Kim Hong-Ji/File Photo

SEOUL : South Korea’s exports for the first 20 days of January fell 2.7 per cent from a year earlier, but the pace of drop was slower than that recorded in December, customs data showed on Saturday.

In December, South Korean exports fell 9.0 per cent on-year during the first 20 days and declined 9.6 per cent for the full month, as global demand cooled after a wave of aggressive policy tightening to contain inflation.

For the first 20 days of January, exports to China fell 24.4 per cent, whereas shipments to the United States rose 18.1 per cent, the Korea Customs Service data showed.

Imports over Jan. 1-20 rose by 9.3 per cent on-year, bringing South Korea’s trade deficit to $10.26 billion over the period.

For December, the trade deficit was $4.69 billion.

South Korea’s government expects overseas sales in 2023 to fall 4.5 per cent, after a 6.1 per cent gain in 2022, but the trade ministry has vowed to do all it can to achieve growth in exports.


Source: Reuters