SEOUL, Sept. 1 (Xinhua) -- South Korea's export kept a single-digit fall for two straight months on a partial recovery of global demand despite the continued export slide for six months, a government report showed Tuesday.

Export, which accounts for about half of the export-driven economy, shrank 9.9 percent from a year earlier to 39.66 billion U.S. dollars in August, according to the Ministry of Trade, Industry and Energy.

The outbound shipment continued to fall for six straight months since March, but it slowed down from declines of 25.6 percent in April, 23.8 percent in May, 10.8 percent in June and 7.1 percent in July respectively.

It came as global demand partially recovered amid the reopening of businesses in major economies after shutdowns on worry about the COVID-19 pandemic.

The daily average export shed 3.8 percent in August from a year earlier, lower than falls of 12.5 percent in February, 18.8 percent in April, 18.4 percent in June and 7.1 percent in July each.

Export to China, South Korea's biggest trading partner, was down 3.0 percent in August from a year earlier, but the daily average shipment to China increased 3.6 percent.

Shipment to the United States and the European Union (EU) dipped 0.4 percent and 2.5 percent respectively in the month, but the daily average export to the United States and the EU grew 6.4 percent and 4.1 percent each.

Export to the Association of Southeast Asian Nations (ASEAN) retreated 17.8 percent in August from a year earlier on weak demand for display panels, general machinery and oil products.

Shipment to Japan and the Middle East tumbled over 20 percent, with export to India and Latin America dropping over 30 percent last month.

Semiconductor export kept growing for two straight months. The daily average chip shipment advanced 9.9 percent in August, after rising 5.6 percent in the previous month.

Computer shipment more than doubled in August from a year earlier, continuing to expand for the 11th consecutive month. Computer demand increased as the higher number of people preferred to work at home and attend online classes on the fear of the COVID-19 pandemic.

Export for general machinery, cars, auto parts, steels, display panels and textiles all declined in double figures.

Shipment of oil products and petrochemicals tumbled 44.0 percent and 21.4 percent each amid the global economic slump.

Shipment for biopharmaceutical and medical products continued to expand for 12 months in a row on demand for medical supplies, caused by the COVID-19 outbreak across the world.

Meanwhile, import dived 16.3 percent over the year to 35.54 billion dollars in August, sending the trade surplus to 4.12 billion dollars. The trade balance stayed in black for the fourth consecutive month.

Raw material import plunged 38.7 percent in August from a year earlier, while intermediary goods import reduced 15.4 percent on soft demand for mobile phone components.

Capital goods import expanded 8.6 percent on robust demand for semiconductor equipment, but consumer goods import fell 2.0 percent last month. Enditem

Related

Go to Forum >>0 Comment(s)