S.Korea's export posts double-digit fall for 3 months over COVID-19

Source: Xinhua| 2020-07-01 13:20:30|Editor: huaxia

SEOUL, July 1 (Xinhua) -- South Korea's export posted a double-digit fall for three straight months through June on an economic fallout from the COVID-19 outbreak across the world, a government report showed Wednesday.

Export, which takes up about half of the export-driven economy, came in at 39.21 billion U.S. dollars in June, down 10.9 percent from the same month of last year, according to the Ministry of Trade, Industry and Energy.

Import slipped 11.4 percent over the year to 35.55 billion dollars in June, sending the trade surplus to 3.66 billion dollars. In May, the trade surplus was 446 million dollars.

The outbound shipment continued to fall for the fourth straight month, keeping a double-digit decline for the third consecutive month with falls of 23.6 percent in May and 25.5 percent in April each.

The daily average export plummeted 18.5 percent in June from a year earlier, after sliding 18.3 percent in May.

The daily average shipment stood at 1.67 billion dollars in June, 1.62 billion dollars in May and 1.65 billion dollars in April respectively.

The ministry said the falling pace of export slowed down in June compared to the previous two months while the trade surplus expanded in June from the previous month despite the continued effect from the COVID-19 outbreak.

It noted that the country's export to China rebounded in six months amid the gradual recovery of the world's No.2 economy, caused by the Chinese government's stimulus measures and the expanded investment in social overhead capital (SOC).

The ministry added that shipments to the United States, the European Union (EU) and the Association of Southeast Asian Nations (ASEAN) fell in a slower pace in June after tumbling more than 20 percent in the prior month.

Export to China expanded 9.5 percent in June from a year earlier after sliding 2.4 percent in May.

Shipments to the United States, the EU and the ASEAN declined 8.3 percent, 17.0 percent and 10.8 percent each in June after dropping over 20 percent in the previous month.

Export to Vietnam dipped 2.3 percent in June after plunging 20.1 percent in May, while shipment to Japan fell 17.8 percent in June after diving 29.0 percent in the prior month.

Semiconductor export lost 0.03 percent in June from a year earlier due to weak demand for smartphones and the sale of DRAM chip inventory. In May, the chip shipment grew 7.0 percent.

Computer shipment jumped 91.5 percent in June, keeping an upward trend for the ninth consecutive month as the COVID-19 outbreak encouraged students and office workers to study and work at home.

General machinery shipment slipped 6.9 percent in June, but it was down from a double-digit reduction in the prior month thanks to demand from China that showed a recovery in the construction sector.

Export for cars and auto parts tumbled 33.2 percent and 45.0 percent each last month due to weak demand from the United States and Europe.

Oil products export plunged 48.2 percent amid the weak global demand and the supply glut. Petrochemical export reduced 11.8 percent in June after skidding 33.9 percent in May owing to stronger demand from China.

Shipment of telecommunication devices, such as smartphones, diminished 11.6 percent last month on weak demand stemming from the coronavirus pandemic.

Display panel shipment declined 15.9 percent in the month on soft demand for TVs, while export for textiles, steel products and ships all shrank more than 20 percent.

Export for bio-health products jumped 53.0 percent in June, continuing to increase for the 10th consecutive month on the back of demand for locally-made testing kits for the COVID-19 and newly launched biosimilars.

Cosmetics product export advanced in double figures on demand from China, the United States and the ASEAN.

Secondary battery shipment added 1.4 percent in June after shrinking 10.3 percent in May. Enditem