S. Korea exports slumped for second straight month in Jan.
- 5 years ago
The global economic slowdown seems to be the main reason that the country's exports slumped for the second straight month in January.
But the good news is that.... things are looking better for the latter half of this year.
Kim Ji-yeon reports.
Data released Friday by the Ministry of Trade, Industry and Energy... show Korean exports dropped by five-point-eight percent in January compared to the same period last year to around 46-point-4 billion U.S. dollars.
The country's imports also slumped by one-point-seven-percent on-year to a little over 45 billion dollars.
Korea had a trade surplus for an 84th month in a row... of one-point-three-billion dollars.
As for why Korea shipped less of its main export items -- semiconductors, petroleum and petrochemicals -- the trade ministry cited the global economic slowdown... rather than local companies becoming less competitive.
Falling global demand led to a drop in the prices of semiconductors and oil,... but the ministry expects those will pick up during the latter half of the year.
Semiconductor exports dropped last month by more than 23 percent on-year to around 7-point-4 billion dollars.
Prices of DRAMs dropped 36-and-a-half percent... while those of NAND flash memory chips decreased by more than 22 percent.
Petrochemical exports dropped by 5-point-3 percent on-year last month to nearly 4-billion dollars... while petroleum goods decreased by nearly 5 percent on-year to nearly 3-and-a-half billion dollars
By region, shipments to Korea's number one export destination, China, contracted for the third consecutive month... mainly due to a slower Chinese economy. Exports grew, though, to the U.S. and the European Union, India and Southeast Asia.
Earlier this week, the government said support measures will be unveiled later this month tailored to exporting industries... starting with the building of foreign plants, media content, and agricultural and fisheries products.
Kim Ji-yeon, Arirang News.
But the good news is that.... things are looking better for the latter half of this year.
Kim Ji-yeon reports.
Data released Friday by the Ministry of Trade, Industry and Energy... show Korean exports dropped by five-point-eight percent in January compared to the same period last year to around 46-point-4 billion U.S. dollars.
The country's imports also slumped by one-point-seven-percent on-year to a little over 45 billion dollars.
Korea had a trade surplus for an 84th month in a row... of one-point-three-billion dollars.
As for why Korea shipped less of its main export items -- semiconductors, petroleum and petrochemicals -- the trade ministry cited the global economic slowdown... rather than local companies becoming less competitive.
Falling global demand led to a drop in the prices of semiconductors and oil,... but the ministry expects those will pick up during the latter half of the year.
Semiconductor exports dropped last month by more than 23 percent on-year to around 7-point-4 billion dollars.
Prices of DRAMs dropped 36-and-a-half percent... while those of NAND flash memory chips decreased by more than 22 percent.
Petrochemical exports dropped by 5-point-3 percent on-year last month to nearly 4-billion dollars... while petroleum goods decreased by nearly 5 percent on-year to nearly 3-and-a-half billion dollars
By region, shipments to Korea's number one export destination, China, contracted for the third consecutive month... mainly due to a slower Chinese economy. Exports grew, though, to the U.S. and the European Union, India and Southeast Asia.
Earlier this week, the government said support measures will be unveiled later this month tailored to exporting industries... starting with the building of foreign plants, media content, and agricultural and fisheries products.
Kim Ji-yeon, Arirang News.