Exports fall 18 pct in Nov. 1-10 period despite strong chip sales Oh Seok-min, 오석민 Oh Seok-min

South Korea’s exports slid 17.8 percent on-year in the first 10 days of November due mainly to fewer working days and falling demand from major economies, data showed Monday.

Outbound shipments reached US$14.91 billion in the Nov. 1-10 period, compared with $18.13 billion tallied a year earlier, according to the data from the Korea Customs Service.

The number of working days during the cited period of this year came to 7 days, compared with 8.5 days a year earlier.

Per-day exports only slipped 0.1 percent on-year to $2.13 billion, according to the customs office.

Imports shed 21 percent on-year to $15.77 billion during the period, resulting in a trade deficit of $900 million.

In October, exports rose 4.6 percent on-year to US$57.5 billion, the 13th straight monthly gain, government data showed.

Exports of semiconductors surged 17.4 percent to $3.28 billion during the first 10 days of this month.

Semiconductor exports accounted for 22 percent of the country’s total exports during the cited period, up 6.6 percentage points from a year earlier amid an industry cycle upturn.

Ship sales spiked nearly fivefold from a year earlier to $598 million.

But auto exports sank 33.6 percent to $1.33 billion, and those of automotive parts decreased 27.7 percent to $455 million.

Exports of petroleum products tumbled 33.2 percent to $1.15 billion, while outbound shipments of steel products fell 15.7 percent to $1.01 billion.

By nation, shipments to China fell 14.6 percent on-year to $3.32 billion, and exports to the United States dipped 37.5 percent to $2.32 billion.

Exports to Vietnam lost 6 percent to $1.68 billion, and those to the European Union declined 26.3 percent to $1.3 billion.

Shipments to Japan went down 19.4 percent to $744 million, while exports to Taiwan advanced 29.2 percent to $722 million.

Exports have led South Korea’s overall economic recovery since late last year, but concerns have grown over the slowdown in export growth amid dwindling demand from major economies.

The government expects exports to advance 9 percent on-year to reach a record high of over $700 billion in 2024.