Exports fall 1.1 pct during first 20 days of Sept. despite strong chip sales

South Korea’s exports lost 1.1 percent on-year in the first 20 days of September despite robust sales of semiconductors due mainly to the fewer number of working days and weak demand for automobiles, data showed Monday.

Outbound shipments reached US$35.58 billion in the Sept. 1-20 period, compared with $35.97 billion tallied a year earlier, according to the data from the Korea Customs Service.

Per-day exports, however, advanced 18 percent on-year to $2.74 billion.

The number of working days came to 13 over the cited period, compared with 15.5 days a year earlier.

Imports shed 4.5 percent on-year to $34.8 billion during the period, resulting in a trade surplus of $800 million.

In August, exports rose 11.4 percent on-year to $57.9 billion, the 11th consecutive monthly gain, on the back of strong demand for semiconductors, government data showed.

Exports of semiconductors, a major export item, jumped 26.2 percent to $7.48 billion during the first 20 days of this month.

Semiconductor exports accounted for 21 percent of the country’s total exports during the cited period, up 4.5 percentage points from a year earlier amid an industry cycle upturn.

Auto exports, however, shed 8.8 percent to $2.98 billion, and those of automotive parts decreased 13.3 percent to $1.13 billion.

Sales of petroleum products lost 5 percent to $2.85 billion, and exports of steel products went down 9.5 percent to $2.38 billion.

By nation, shipments to China edged up 2.7 percent to $7.7 billion, while exports to the United States shed 5.9 percent to $6.17 billion.

Exports to the European Union dropped 15.1 percent to $3.55 billion, but those to Vietnam gained 1.2 percent to $3.33 billion.

Shipments to Taiwan spiked 79.8 percent to $1.99 billion, while exports to Japan dived 12.4 percent to $1.49 billion.

The government expected exports to advance 9 percent this year to reach a record high of over $700 billion.