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South Korea's export drops 22 percent in August 1-10

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Christian Fernsby |
South Korea
Asia   Import diminished 13.2 percent

South Korea's export posted a double-digit drop for the first 10 days of this month on weak export of semiconductors, customs office data showed Monday.

Topics: South Korea

Export, which accounts for over half of the economy, reached 11.5 billion U.S. dollars during the August 1-10 period, down 22.1 percent from the same period of last year, according to Korea Customs Service.

The country's export continued to slide for eight straight months through July.

Import diminished 13.2 percent over the year to 14.2 billion dollars in the 10-day period, sending the trade deficit to 2.7 billion dollars.

During the period, semiconductor export tumbled 34.2 percent on the continued downturn in business cycle of the global chip industry.

Oil product shipment retreated 26.3 percent, and automobile export shrank 6 percent.

Export of telecommunication devices, such as smartphone, jumped 41.6 percent in the period, and home appliances shipment advanced 25.6 percent.

Shipment to China, South Korea's biggest trading partner, dropped 28.3 percent, and export to Japan plunged 32.3 percent.

Exports to the United States and the European Union (EU) also posted a double-digit reduction in the period.

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