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Exports Fall 16.2% in First 10 Days of March

Written: 2023-03-13 10:19:27Updated: 2023-03-13 13:20:16

Exports Fall 16.2% in First 10 Days of March

Photo : YONHAP News

The downward trend in exports continued with outbound shipments in the first ten days of March declining by over 16 percent from a year earlier.

According to tentative data from the Korea Customs Service on Monday, exports came to 15-point-79 billion U.S. dollars in the cited period, down 16-point-two percent from the same period last year.

The average daily exports based on the number of working days plummeted by 27-point-four percent with the number increasing by one from last year to seven and a half days.

The latest data continues a trend of dropping exports for five consecutive months since October.

Exports of semiconductors fell 41-point-two percent on-year during the period, registering another decrease following seven months of decline.

Shipments of petroleum products also fell by 21-point-six percent while exports of automobiles jumped 133-point-seven percent.

Exports to the country's largest trade partner, China, are on track to fall for the tenth consecutive month with a drop of 35-point-three percent, while shipments to the U.S. and India each rose five-point-six percent and five-point-five percent, respectively.

Imports increased two-point-seven percent on-year to 20-point-78 billion dollars during the same period, resulting in a trade deficit of four-point-99 billion dollars.

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