Korea's exports recorded at US$ 50.58 bil. in September, down 8.2% on-year
  • 6 years ago
South Korea's trade ministry has released its preliminary data on exports and imports for September,... which show the nation's outbound shipments topped 50 billion U.S. dollars for the fifth month in a row.
We have our business correspondent Kim Hyesung on line for us.
Hyesung, give us the details.

Ji-yoon, in the month of September, Korea exported 50-point-six billion U.S. dollars by value, passing the 50 billion-dollar-mark for the fifth consecutive month.
Compared to the same period last year, the figure is down eight-point-two percent, falling by the sharpest margin in over two years.
But the decline is likely due to fewer working days.
There were only 19-point-5 working days last month because of the Chuseok holiday which lasted from September 24th to 26th, four fewer days than last year. Chuseok was in October last year.
Based on average exports per working day...Korea's outbound shipments increased to 2-point-six billion dollars, a record high, meaning Korea's doing well on the trade front despite the U.S.-China trade spat concerns...at least for now.
This strong export growth comes on the back of strong semiconductor and petroleum exports, which increased by double digits on strong demand for petroleum goods...mainly on rising oil prices.
Imports fell 2.1 percent to around 41 billion dollars, recording a trade surplus of nine-point-seven billion dollars last month.

I see, that is good to hear. From what I know, South Korea's trade minster himself held a briefing on the trade data. What did he say?

That's right. It's the first time the trade minister has given a press briefing on trade figures. But it was conducted off-camera.
Kim Hyun-Chong said he wanted to use the occasion to explain the results on the revised Korea-U.S. free trade agreement that was signed by President Moon Jae-in and President Trump last week in Washington.
He said the two leaders signed it during the summit as a way to speed up domestic legal procedures to pass the revised bill.
In evaluating it, Kim said the trade deal is a success, given Korea was the first country to sign a revised trade deal with the U.S., amid the Trump Administration's growing trade protectionism and hedge against uncertainty and risks...and did not result in opening of Korea's agricultural sector.
He pointed out Trump's possible 25% auto tariffs as a continuing risk, and said the trade ministry is working along with Korean auto companies, to secure an exception from tariffs.
Overall, he said Korea has faired well on growing trade protectionism, but pointed out the U.S.-China trade war, U.S. rate hike as downside risks to the Korean economy and the trade environment....and said the ministry will monitor changes on the trade front, and continue to diversify its exports.
That's all I have for now, back to you Jiyoon.
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