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Korea's export posts 28.8 percent fall in 1st 10 days of October

Christian Fernsby ▼ | October 12, 2020
South Korea's export posted a double digit fall in the first 10 days of this month due to less business days, caused by the traditional Chuseok holiday, customs office data showed Monday.
Korea port
October   Korea port
Export, which accounts for about half of the export driven economy, amounted to 9.3 billion U.S. dollars during the October 1-10 period, down 28.8 percent from the same period of last year, according to Korea Customs Service.

Topics: Korea

The number of working days reduced by two days in the cited period due to the Chuseok holiday, the South Korean version of Thanksgiving Day. The daily average export grew 2.8 percent in the 10 day period.

Semiconductor export advanced 11.2 percent in the October 1-10 period, while those for automobiles, oil products and telecommunication devices tumbled in double figures.

Export to China, South Korea's biggest trading partner, declined 20.9 percent, and those to the United States, Japan, the Middle East and the European Union (EU) all plunged in double digits.

Import slipped 19.5 percent over the year to 11.1 billion dollars in the 10-day period, sending the trade deficit to 1.8 billion dollars.