S. Korean exports of industrial parts, materials fall in H1 on global slump

South Korean exports of industrial parts and materials declined in the first half of this year on the back of global economic slump, a government report showed on Thursday.

The industrial component exports reached 121.8 billion U.S. dollars during the January-June period, down 9.2 percent from the same period of last year, according to the Ministry of Trade, Industry and Energy.

The decline came amid the delayed global economic recovery, which led global demand for industrial materials to weaken. The industrial parts shipment accounted for more than half of the country's overall exports in the first half.

Industrial parts shipment to China, South Korea's largest trading partner, tumbled 14.9 percent from a year earlier to 39.7 billion dollars in the first half. Those to the United States inched down 0.8 percent to 13.6 billion dollars, with those to Latin American nations plunging 23 percent to 5.8 billion dollars.

Exports to Vietnam jumped 15.1 percent over the year to 9.8 billion dollars in the first half as the free trade agreement (FTA) between South Korea and Vietnam came into force.

Electronic parts exports dipped 15.0 percent from a year earlier to 40.0 billion dollars in the first half, and shipments of chemical products slumped 8.3 percent to 18.0 billion dollars. General machinery parts shipments shrank 6.6 percent to 11.7 billion dollars, but those for computer components grew 2.4 percent to 2.7 billion dollars.

Imports of industrial parts and materials retreated 8.2 percent to 74.2 billion dollars, sending the first-half trade surplus in the parts and materials sector to 47.5 billion dollars. Endit