S. Korea's exports drop 10% y/y in first 20 days of June
- 5 years ago
6월 1~20일 수출 10% 감소...7개월 연속 감소 예상
South Korea's export growth has continued to slow due to contracting global trade and escalating U.S.-China trade tensions.
Kim Hyesung reports.
South Korea's exports are on track to fall for the seventh consecutive month.
The Korea Customs Service said Friday,... exports between June 1st and June 20th fell 10 percent on-year to 27 billion U.S. dollars.
Exports of automobiles and ships went up but exports of semiconductors and petrochemical goods fell sharply.
Another set of data released by the trade ministry Friday,... shows Korea'sexports of information and communication technology products including chips, displays and mobile phones plunged 22-point-six percent on-year to 14-point-three billion U.S dollars in May.
Exports of semiconductors, which account for a fifth of the country's exports,... plummeted 30 percent on-year on falling global demand and falling prices.
Spot prices of 4 gigabit DRAM chips fell to two dollars in May,... down from three dollars in January.
By region, South Korea's ICT exports to Vietnam edged up two percent, but shipments to China tumbled 31 percent to seven billion dollars. Those to the U.S. and the EU also fell by double digits.
"Markets were expecting a rebound in chip prices and demand in the latter half of the year. But with continuing trade tensions between the U.S. and China and growing uncertainties, companies have postponed their investment in facilities and data centers, so demand for ICT goods is unlikely to rise soon."
While global trade is likely to slow down this year, the Bank of Korea has released its preliminary data on its trade balances with major countries for 2018.
South Korea recorded a total current account surplus of 76 billion U.S. dollars last year, slightly up from the figure posted in 2017.
The current account surplus against the U.S. contracted to a six-year-low as South Korea purchased more raw materials.
The current account surplus against China and Southeast Asia went up on chip and petrochemical exports.
South Korea's current account deficit against Japan and the EU narrowed.
Kim Hyesung, Arirang News.
South Korea's export growth has continued to slow due to contracting global trade and escalating U.S.-China trade tensions.
Kim Hyesung reports.
South Korea's exports are on track to fall for the seventh consecutive month.
The Korea Customs Service said Friday,... exports between June 1st and June 20th fell 10 percent on-year to 27 billion U.S. dollars.
Exports of automobiles and ships went up but exports of semiconductors and petrochemical goods fell sharply.
Another set of data released by the trade ministry Friday,... shows Korea'sexports of information and communication technology products including chips, displays and mobile phones plunged 22-point-six percent on-year to 14-point-three billion U.S dollars in May.
Exports of semiconductors, which account for a fifth of the country's exports,... plummeted 30 percent on-year on falling global demand and falling prices.
Spot prices of 4 gigabit DRAM chips fell to two dollars in May,... down from three dollars in January.
By region, South Korea's ICT exports to Vietnam edged up two percent, but shipments to China tumbled 31 percent to seven billion dollars. Those to the U.S. and the EU also fell by double digits.
"Markets were expecting a rebound in chip prices and demand in the latter half of the year. But with continuing trade tensions between the U.S. and China and growing uncertainties, companies have postponed their investment in facilities and data centers, so demand for ICT goods is unlikely to rise soon."
While global trade is likely to slow down this year, the Bank of Korea has released its preliminary data on its trade balances with major countries for 2018.
South Korea recorded a total current account surplus of 76 billion U.S. dollars last year, slightly up from the figure posted in 2017.
The current account surplus against the U.S. contracted to a six-year-low as South Korea purchased more raw materials.
The current account surplus against China and Southeast Asia went up on chip and petrochemical exports.
South Korea's current account deficit against Japan and the EU narrowed.
Kim Hyesung, Arirang News.