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S. Korea’s exports in March comes to $43 bn

Collected: 2016.04.02

Distributed: 2016.04.04

Source: Go Direct

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South Korea’s exports in March fell 8.2 percent to $43 billion in March from the same month a year ago, easing from the double-digit dip in the previous three months, helped by improvement in wireless device sales and shipment to China, according to the Ministry of Trade, Industry and Energy on Friday.

Exports in January sank 18.9 percent - the biggest in six years and five months - and 12.2 percent in February. Imports declined 13.8 percent year-on-year to $33.2 billion in March.

Exports and imports have both been contracting for 15 consecutive months. The trade account has maintained a surplus since February 2012, reaching $9.8 billion in March.

By item, exports of steel gained 14.7 percent and shipments of wireless communications devices up 19.9 percent. Exports of petroleum products plunged 41.6 percent, flat display panels 24.2 percent, and petrochemical goods 9.0 percent due to falling production cost. Demand for shipbuilding remained in the dumps, falling 28.9 percent.

Shipments of organic light-emitting diode (OLED) panels rose 5.3 percent and those of cosmetics shot up 38.7 percent.

By region, the nation’s exports to the EU increased by 12.7 percent, Vietnam by 13.5 percent and India by 11.7 percent. Those to China fell 12.2 percent from the previous year, yet easing from a contraction of 21.5 percent in January and 12.9 percent in February.

By Na Hyun-joon

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