SEOUL, April 1 (Xinhua) — South Korea’s export saved falling for the sixth consecutive month amid sagging demand for locally-made semiconductors, resulting in commerce deficits for 13 months in a row, authorities knowledge confirmed on Saturday.
Export, which takes up about half of the export-driven financial system, declined 13.6 % from a yr earlier to 55.13 billion U.S. {dollars} in March, in line with the Ministry of Trade, Industry and Energy.
The outbound cargo continued to slip after October final yr on the again of weaker world demand for South Korean merchandise.
The ministry mentioned the nation’s export saved a downward development as a result of world financial slowdown, however it famous that the cargo topped 55 billion {dollars} in six months.
Import diminished 6.4 % to 59.75 billion {dollars} final month, leading to a commerce deficit of 4.62 billion {dollars}. The commerce stability stayed in purple since March final yr.
Semiconductor export tumbled 34.5 % over the yr to eight.6 billion {dollars} in March, holding a downward development for the eighth successive month on decrease reminiscence chip costs.
Shipment for show panels and computer systems retreated in double digits, however automotive export jumped 64.2 % to six.52 billion {dollars} as a result of larger demand for eco-friendly automobiles and the eased provide disruption of chips used to provide automobiles.
Secondary battery cargo added 1.0 % on the sturdy demand for electrical automobiles, however world demand for native oil merchandise and petrochemicals slipped 16.6 % and 25.1 % respectively.
Auto components export dipped 5.3 % to 2.06 billion {dollars}, and metal merchandise cargo dwindled 10.7 % to three.14 billion {dollars} on decrease product costs.
General equipment cargo shed 0.8 % to 4.81 billion {dollars}, and cellular machine export dropped 42.3 % to 1.06 billion {dollars}.
South Korea’s export to the Association of Southeast Asian Nations went down 21.0 % over the yr to 9.61 billion {dollars} in March on the again of weaker demand for chips and oil merchandise.
Shipment to the European Union fell 1.2 % to six.14 billion {dollars}, and export to Japan shrank 12.0 % to 2.44 billion {dollars}.
Export to the United States rose 1.6 % to 9.79 billion {dollars}, surpassing 9 billion {dollars} for the second straight month on strong demand for automobiles and secondary batteries.
Export to the Middle East spiked 21.6 % to 1.84 billion {dollars} on larger demand for automobiles, common equipment and metal merchandise.
Meanwhile, import for crude oil and pure fuel diminished 6.1 % and 25.0 % every final month amid the decrease commodity costs.
Import for chips and metal merchandise diminished 10.6 % and 12.4 %, reflecting the weaker home demand.