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Korea’s exports rise in early March, but not daily average

Mar 12,2020
Korea’s exports rose by more than 20 percent in the first 10 days of March compared with a year earlier, customs data showed Wednesday.

The daily average, however, slipped 2.5 percent on year to $1.78 billion, according to the data from the Korea Customs Service.

The country’s outbound shipments came to $13.3 billion in the March 1-10 period, up 21.9 percent from the same period last year.

The customs office noted the number of working days over the cited period came to 7.5 this year, compared with 6 last year.

Imports increased 14.2 percent on year over the cited period to nearly $13.3 billion.

The report comes amid growing concern that the spread of the new coronavirus here and abroad may undermine Korea’s economic growth, as well as its recovery in exports.

Korea’s exports had dropped for 14 consecutive months until January, largely due to a prolonged trade dispute between the United States and China and a slump in global chip prices.

Korea’s exports grew 4.5 percent from a year earlier in February.

In the first 10 days of March, Korea’s exports of petroleum products jumped 30.6 percent on year. Shipments of vehicles and mobile devices increased 11.8 percent and 17.3 percent, respectively.

Exports of ships tumbled 63.2 percent, while shipments of liquid crystal devices and flat panels dipped 12.9 percent.

Yonhap