SEOUL, Nov 1 (NNN-YONHAP) – South Korea’s export fell in Oct, on fewer business days, after logging the first rebound in seven months in Sept, a government report showed today.
Export, which accounts for about half of the export-driven economy, shrank 3.6 percent from a year earlier to 44.98 billion U.S. dollars in Oct, according to the Ministry of Trade, Industry and Energy.
Import declined 5.8 percent to 39.00 billion dollars in Oct, sending the trade surplus to 5.98 billion dollars. The trade balance stayed in black for six straight months.
The outbound shipment turned downward in Oct, after rising 7.6 percent in Sept. It kept skidding for six months from Mar to Aug, amid an economic fallout from the COVID-19 pandemic.
The export fall in Oct was mainly attributable to fewer business days. The number of working days in Oct slipped by two days compared to the same month of last year.
The daily average export, which excludes the working-day effect, advanced 5.6 percent over the year to 2.14 billion dollars in Oct, marking the first rebound in nine months.
The difference in business days came from the effect of Chuseok holiday, or South Korean version of Thanksgiving Day.
For two months through Oct, the export expanded 1.9 percent and the daily average export added 0.7 percent each, compared to the same two-month period of last year, the ministry noted.
Among major export items, semiconductor shipment went up 10.4 percent in Oct, from a year earlier, continuing to grow for the fourth consecutive month.
Automotive export kept rising for two straight months, thanks to strong demand for sport utility vehicle (SUV) and higher price for environmentally-friendly vehicles.
Display panel shipment logged the first turnaround in 26 months, on demand for organic light-emitting diode (OLED) panels, used in foldable phones and TVs.
Computer shipment continued to expand for 13 months in a row, as the prolonged COVID-19 pandemic encouraged people to work at home and attend online classes.
Consumer electronics export climbed in double figures on solid demand for TVs, but auto parts shipment declined last month, owing to the COVID-19 resurgence in Europe.
Shipment for oil products and petrochemicals tumbled in double digits on lower product price, and export for steel products and general machinery retreated amid the global economic slump.
By country, export to China, South Korea’s biggest trading partner, reduced 5.7 percent in Oct from a year ago, due to soft demand for general machinery, oil products and display panels that offset robust demand for chips.
Shipment to the United States continued to grow for two straight months, but export to the Association of Southeast Asian Nations (ASEAN) declined last month, amid the protracted COVID-19 pandemic.
Export to the European Union (EU) kept rising for the second straight month, but those to India, Japan, the Middle East and Latin American countries all contracted last month.– NNN-YONHAP
