Exports up 10% Vs 19% Gain in Imports To Flag Trade Deficit

171

South Korea’s exports in the first 20 days in March slowed in growth, while imports kept up strong expansion due to jump in fuel costs, suggesting a trade deficit for the month, reports Pulse.

Exports

According to data released by the Korea Customs Service on Monday, the country’s exports totaled $37.26 million in the first 20 days of March, up 10.1 percent from a year-ago period.

Although sustaining growth for the 16th straight month, the pace has slowed. Exports grew

20.6 percent in February, 15.2 percent in January, and 18.3 percent in December.

Daily exports averaged $2.76 billion, adding 26.4 percent from the previous year, based on 2-day shorter working days.

From Mar. 1-20 period, semiconductor exports gained 30.8 percent on year, petroleum products 79 percent, and wireless communications devices 8.1 percent. But deliveries of automobiles lost 18.1 percent, and automotive components 9.1 percent.

By country, exports to China rose 11.3 percent, the U.S. 6 percent, Vietnam 30.3 percent, and Japan 2 percent. Shipments to the European Union, however, fell 3.9 percent and Hong Kong 24 percent.

Imports

Imports in the first 20 days of March came at $39.33 billion, rising by a greater pace of 18.9 percent on year, to deliver a trade deficit of $2.08 billion.

Crude imports jumped 57.8 percent, chips 24 percent, gas 114.3 percent, and petroleum products 52.5 percent, while inbound shipments of machinery contracted 9.6 percent, and automobiles 31.2 percent.

Imports from China expanded 10.7 percent, the U.S. 4.1 percent, Japan 3.3 percent, Australia 43.7 percent, and Saudi Arabia 95.6 percent over the cited period. Deliveries from the European Union declined 12.9 percent.

Did you subscribe to our daily Newsletter?

It’s Free! Click here to Subscribe

Source: Pulse

LEAVE A REPLY

This site uses Akismet to reduce spam. Learn how your comment data is processed.