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S. Korea’s exports falls in Sept due to strikes and Galaxy Note7 recall

Collected: 2016.10.03

Distributed: 2016.10.04

Source: Go Direct

South Korea’s exports in September sank 5.9 percent from the same month of last year to reach $40.9 billion, turning downward in one month, due to flagging exports caused by strikes of the country’s leading automaker Hyundai Motor Co. and recall of Galaxy Note7 of Samsung Electronics Co., according to the Ministry of Trade, Industry and Energy on Saturday.

“The nation’s exports have been hit by walkouts of the automobile industry, which decreased exports by $1.14 billion,” said an official of the ministry.

Exports of automobiles fell 24 percent year-on-year, the largest drop since August in 2009. The strikes have caused losses of 79,000 units.

Outbound shipments of wireless electronics devices have also declined 27.9 percent year-on-year since the recall scandal, the largest drop since July in 2012.

The nation’s imports in September also contracted 2.3 percent from the same period of last year to reach $33.8 billion.

According to Korea Automobile Manufacturers Association (KAMA), Korea ranked fourth in units of exports of automobiles this year. Accumulated outbound shipments from January to August stood at 1,692,906 units, down 14.4 percent from 1,978,551 units in the same period of last year.

Meanwhile, Mexico exported 1,815,566 units of automobiles during the same period, keeping up with Korea. Korean has maintained third place in car exports since 2005 following Japan and Germany but the country fell behind Mexico for the first time.

By Noh Won-myung, Ko Jae-man

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