exports-April

▲ Containers are stacked at a pier in South Korea's largest port city of Busan, 325 kilometers southeast of Seoul, on April 2, 2023. (Yonhap)

exports-April

Exports down 8.6 pct during first 10 days of April

SEOUL, April 11 (Yonhap) -- South Korea's exports fell 8.6 percent on-year in the first 10 days of April, data showed Tuesday, due to the continued downcycle in the global chip industry.

The country's outbound shipments stood at US$14 billion in the April 1-10 period, compared with $15.3 billion a year earlier, according to the data from the Korea Customs Service.

Imports shed 7.3 percent on-year to $17.4 billion during the cited period, resulting in a trade deficit of $3.41 billion.

In March, outbound shipments fell 13.6 percent on-year to $55.12 billion.

Exports have logged an on-year fall since October last year amid aggressive monetary tightening by major economies to curb inflation. It is also the first time since 2020 that exports have declined for six months in a row.


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