April 27, 2024
Industrials
Korea’s industrial parts exports fall in 2016
[THE INVESTOR] South Korea’s exports of industrial parts and materials fell in 2016 on-year, according to government data on Jan. 16.
Outbound shipments of industrial parts and materials fell 4.8 percent on-year to US$251.9 billion, accounting for a record 50.8 percent of the country’s overall exports last year, according to the data collected by the Ministry of Trade, Industry and Energy.
Exports of industrial parts dropped 5.5 percent on-year to US$177.2 billion, with shipments of industrial materials falling 3.1 percent to US$74.8 billion.
Its imports dipped 4.5 percent on-year to US$152.5 billion.
The sector’s trade surplus reached US$99.4 billion, down 5.5 percent from the previous year, failing to make the US$100 billion level for the first time in three years.
By region, exports to China, South Korea’s biggest trade partner, contributed to the overall decline as they slumped 11.5 percent on-year to US$82.7 billion, while those to the United States edged down 0.7 percent to US$26.8 billion.
But shipments to Japan gained 3.2 percent to US$12.6 billion and those to Southeast Asian countries rose 8.9 percent to US$41.5 billion over the cited period.
(theinvestor@heraldcorp.com)
Outbound shipments of industrial parts and materials fell 4.8 percent on-year to US$251.9 billion, accounting for a record 50.8 percent of the country’s overall exports last year, according to the data collected by the Ministry of Trade, Industry and Energy.
Exports of industrial parts dropped 5.5 percent on-year to US$177.2 billion, with shipments of industrial materials falling 3.1 percent to US$74.8 billion.
Its imports dipped 4.5 percent on-year to US$152.5 billion.
The sector’s trade surplus reached US$99.4 billion, down 5.5 percent from the previous year, failing to make the US$100 billion level for the first time in three years.
By region, exports to China, South Korea’s biggest trade partner, contributed to the overall decline as they slumped 11.5 percent on-year to US$82.7 billion, while those to the United States edged down 0.7 percent to US$26.8 billion.
But shipments to Japan gained 3.2 percent to US$12.6 billion and those to Southeast Asian countries rose 8.9 percent to US$41.5 billion over the cited period.
(theinvestor@heraldcorp.com)
