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Biz News Korea(Eng)
Korea’s trade terms improve on chip, petrochemical demand
- Collected
- 2017.01.25
- Distributed
- 2017.01.31
- Source
- Go Direct
According to preliminary data released by the Bank of Korea Tuesday, the index measuring exports value gained 8.1 percent on year to 122.68 in December, accelerating from 118.98 in November. The index measuring change in export volume was up 3.0 percent on year to 145.72. The index for imports also strengthened 7.3 percent on year in December in value and 4.2 percent in volume.
For the entire 2016, the index for exports deteriorated by 5.4 percent against 2015 in terms of value. It is the lowest against 100 in the reference year of 2010.
Due to depressed oil prices, the export value index for coal and petrochemical products slipped 17.8 percent on year. Other big losses were transport equipments including automobiles (-8.7 percent), textile and leather products (-6.2 percent), electrical and electronic devices (-6. 2 percent) and machineries (-6.1 percent).
The index measuring export volume rose 1.1 percent to 136.09 percent in 2016 from a year earlier. Shipment volume increased 10.2 percent in petrochemical products and 10 percent in precision instruments. Transportation equipment shed 8.2 percent due to lengthy strike by major automakers.
By Boo Jang-won
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