Roundup: S.Korea's exports decline in Jan. on lower oil prices

South Korea's exports declined last month as lower global oil prices pulled down prices of oil-related products, which led to a fall in oil product exports, a government report showed Sunday.

Exports, which account for about half of the economy, slipped 0. 4 percent from a year earlier to 45.37 billion U.S. dollars in January, according to the Ministry of Trade, Industry and Energy.

The decline came as low global crude oil prices dragged down exports in oil-related products. In terms of volume, shipments of oil and petrochemical products surged 13.2 percent and 4.2 percent each.

In terms of value, oil product exports sank 38.5 percent from a year earlier to 1.8 billion dollars in January, with those for petrochemical products dropping 19.8 percent to 800 million dollars. "Falling oil prices are the main reason (of export fall),"said Kwon Young-sun, an economist at Nomura in Hong Kong."Petroleum products comprised 8.9 percent of total exports in 2014. We estimate oil prices contributed to the decline in exports."

Dubai crude, South Korea's benchmark, averaged 45.8 dollars per barrel in January, down from 104 dollars a year earlier.

Exports, which exclude oil and petrochemical products, increased 6.6 percent in January, the ministry said, noting that the overall exports are in a good position except for the effect from cheap oil.

Ship exports surged 62.5 percent, and those for computers, chips and general machinery rose 15.2 percent, 13.7 percent and 6. 9 percent respectively.

Exports in mobile devices fell 1.9 percent on fiercer competition with U.S. and Chinese rivals. Shipments in steels, cars, display panels and auto parts declined 2.4 percent, 4.1 percent, 4.4 percent and 7.3 percent each.

By region, exports to the European Union and Japan declined 23 percent and 19.2 percent each, but those to the United States and China, South Korea's top two trading partners, increased 15.2 percent and 5.3 percent each.

Imports decreased 11 percent from a year earlier to 39.84 billion dollars in January on the back of low oil prices. Excluding products influenced by oil prices, imports increased 4.1 percent, the ministry said.

Trade surplus was 5.53 billion dollars in January, keeping a surplus trend for 36 straight months as imports slid at a faster pace than exports.

Crude oil imports sank 41.4 percent from a year earlier to 3.6 billion dollars in January, with those for petroleum products plunging 51.9 percent to 1.6 billion dollars.

Inbound shipments of steels, coal and natural gas declined 14.5 percent, 19.9 percent and 21.3 percent each last month on lower commodity prices. Overall raw material imports tumbled 22.9 percent.

Imports of capital and consumer goods increased 7.3 percent and 19.2 percent respectively. Endi