S. Korea's exports drop 1.7% y/y in first 10 days of July
Updated: 2020-07-13 17:01:56 KST
South Korea's total exports during the first ten days of July fell relatively little on-year, showing possible signs of recovery from the impact of the COVID-19 outbreak.
The Korea Customs Service said that exports from July 1st to July 10th amounted to some 13.3 billion U.S. dollars, down one.seven percent from a year earlier.
This is a relatively small drop compared to the start of the previous month.
Over the first ten days of June, the daily average exports fell almost 10-percent on-year.
By product, ship exports soared by 307 percent on-year at the start of July, semiconductors and automobiles increased by about 8 percent and 7 percent respectively.
On the other hand, shipments of petroleum products plummeted by about 42 percent and automobile components and wireless devices dropped by about 34 percent and 10 percent respectively.
An expert says the export figure for the first 10 days of July is a step in the right direction.
"(It) is a great improvement considering the first half growth performances which is about negative 10 percent. But the reason for the fist 10 days' improvement is because of irregular export which is shipbuilding which is about 300 percent increase over the last year"
He added, it will become clearer by the end of July whether this improvment can be more permanent.
Meanwhile, South Korea's ICT exports inched up one percent on-year in June -- their first increase in three months.
A report released by the Ministry of Trade on Monday shows that around 14.9 billion U.S. dollars of ICT products were exported in June.
The increase was driven mainly by robust shipments of computers and computer products, which were up a whopping 84.5 percent on-year fueled by higher demand.
ICT exports to the U.S. saw the biggest increase, rising by 26 percent on-year.
Eum Ji-young Arirang News.