South Korea Nov 1-20 exports tumble on weak demand for chips, China woes

SEOUL  – South Korea’s exports for the first 20 days of November shrank 16.7 percent from the same period a year ago, dragged down by weak demand for chips and from China, customs agency data showed on Monday.

The country’s imports fell 5.5 percent, bringing the trade balance to a $4.42- billion deficit, on track for an eighth straight month in the red.

Shipments to China dropped 28.3 percent, while those to the United States and European Union were up 11 percent and down 1.5 percent, respectively.

By product, sales of semiconductors fell 29.4 percent and wireless communication devices lost 20.6 percent, but those of cars and petroleum products gained 28.6 percent and 16.1 percent each.

Exports shrank 11.3 percent on average per working day.

Full Monthly trade data will be available on Dec. 1.