May 10, 2024

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[THE INVESTOR] Korea’s exports moved down 5.8 percent in January from a year earlier, government data showed on Feb. 1.

Outbound shipments came to US$46.3 billion for January, down from US$49.2 billion posted a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. 

Imports decreased 1.7 percent over the cited period to reach US$45 billion, the ministry added.

 Korea’s trade surplus came to US$1.3 billion in January, marking 84 straight months in which the country’s exports have exceeded imports.

The trade dispute between the United States and China, along with the weaker performances of semiconductors and refined petroleum products were responsible for the on-year decrease, the ministry said.

It said that while Korea’s export volume actually expanded, the value decreased due to falling product prices.

Korea’s exports are anticipated to recover in the second half of 2019, when global chip and oil prices are expected to rebound, the ministry added.

By Ram Garikipati and newswires (ram@heraldcorp.com)