MOSCOW (Pakistan Point News / Sputnik - 21st July, 2023) South Korea's exports decreased by 15.2% year-on-year in the first 20 days of July amid the prolonged downturn in the chip sector, the Yonhap news agency reported Friday, citing the Korea Customs Service.
South Korea's exports fell to $31.2 billion from $36.8 billion compared to the same period last year. The country's imports decreased by 28% year-on-year to $32.6 billion in the said period, having resulted in a trade deficit of $1.36 billion, the report said.
Exports of chips were down 35.4% and amounted to $4.3 billion from July 1-20, while exports of vehicles went up 27.9% to $3.43 billion. Outbound shipments of steel and petroleum products fell by 15.2% and 48.7% to $2.43 billion and $2.27 billion respectively, the data showed.
Seoul's exports to China decreased by 21.2% to $6.34 billion, the United States - by 7.3% to $5.76 billion, the European Union - by 8.3% to $3.59 billion, and Vietnam - by 22.6% to $2.66 billion, the agency reported.
In June, South Korea's exports plunged 6% to $54.24 billion, the report said.
South Korea's trade deficit for this year amounted to $27.8 billion, and exports fell 12.6% year-on-year to $338.4 billion, according to the data.
