Exports Drop for 9th Month
02 September, 2019
Korea's exports last month fell for the ninth month in a row amid a worsening trade war between the U.S. and China and new export curbs from Japan.
In money terms, exports of semiconductors and petrochemical products were particularly slow because their prices plunged.
The Ministry of Trade, Industry and Energy said Sunday that exports in August fell 13.6 percent on-year to US$44.2 billion. They have been declining since last December and dropped in double digits every month since June.
Exports of semiconductor chips plummeted 30.7 percent to $7.98 billion, and a decline in global oil prices slashed Korean petrochemical exports by 19.2 percent and refined petroleum by 14.1 percent on-year.
So far Japan's export restrictions have has little impact on Korea's exports. A decline in Korea's imports of Japanese goods was mainly driven by a 32.6-percent fall in chipmaking equipment due to the industry slump.
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