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Biz News Korea(Eng)

Korea’s exports in Oct. dn 3.2% due to Hyundai strike, Galaxy Note7 crisis

Collected: 2016.11.01

Distributed: 2016.11.02

Source: Go Direct

South Korea’s exports sank 3.2 percent in October from the year-ago period to reach $41.9 billion with shipments hurt by lengthy strike at auto-making sites and recall and discontinuation of Galaxy Note7 premium phone. Except for August, Korean exports contracted against the previous year since December 2014, the first time exports that drives the economy has been sluggish for so long.

Reflecting poor domestic demand, imports in October slipped 5.4 percent year-on-year to $34.8 billion. The nation as result recorded a trade surplus of $7.2 billion last month, a black figure for the 57th consecutive month, according to the Ministry of Trade, Industry and Energy on Tuesday.

Exports of automobiles fell 11.8 percent year-on-year and outbound shipments of wireless electronics devices tumbled 28.1 percent, the biggest drop since July in 2012 hit by the exit of Galaxy Note7.

By item, exports of semiconductor, vessels and computers have increased. Shipments in petrochemical and steel products, automobiles, petroleum products and electronic appliances improved.

Shipments of flat panel displays and computers were strongest for the year, recording $2.38 billion and $790 million, respectively. Exports of cosmetics reached $400 million, the second largest monthly export amount in the nation’s history.

By nation, exports to China came to $11.1 billion, the largest for the year. The figure is down 11.3 percent from the same period of last year. Exports to Vietnam have continued to rise and those to the European Union, Southeast Asian countries and the Middle East have turned upward. Exports to the U.S. and Japan remained soft.

By Seo Dong-cheol

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