Off the wire
• Commentary: Revamping global economic governance in due course  • 1st LD-Writethru: China Caixin manufacturing PMI drops to 50 in August  • News Analysis: Ukrainian economy emerges from recession, but long-term risks persist  • 1st LD: Japan gov't creates new post of Russia economy cooperation minister: media  • Tokyo shares slightly higher by break on firm U.S. wage data  • New Zealand record export volumes offset price fall in June quarter  • S.Korea's headline inflation falls to 16-month low in August  • Urgent: Malaysia confirms first case of Zika infection  • Cambodian opposition senator stripped of immunity following PM's lawsuit  • Kyrgyzstan hosts first International foot march in wheelchairs  
You are here: 　 Home

Roundup: S. Korea's exports rebound in 20 months on chip demand

Xinhua, September 1, 2016 Adjust font size:

South Korea's exports rebounded for the first time in 20 months, ending the longest monthly decline, on the back of strong demand for major export items such as semiconductors, a government report showed on Thursday.

Exports, which account for about half of the economy, rose 2.6 percent from a year earlier to 40.1 billion U.S. dollars in August, according to the Ministry of Trade, Industry and Energy (MOTIE). It marked the first expansion since December 2014, ending the longest monthly fall for 19 straight months.

The rebound came as demand for major export items, such as semiconductors and petrochemicals, recorded the largest in 2016. More business days compared with the same month of last year also made contributions.

Imports inched up 0.1 percent to 34.8 billion dollars in August, recording the first rebound in 23 months since September 2014.

Trade surplus in August amounted to 5.3 billion dollars last month, keeping the longest monthly surplus for 55 months since February 2012.

A daily exports averaged 1.67 billion dollars in August, down from 1.74 billion dollars in July.

For the first eight months of this year, exports amounted to 322.7 billion dollars, down 8.7 percent compared with the same month of last year.

By item, chip exports grew 2.5 percent over the year to 5.59 billion dollars in August, the largest this year. It was the first increase in 11 months as the launch of new Galaxy Note7 increased demand for semiconductors.

Petrochemical shipments gained 4.1 percent, rebounding in 22 months. Steel exports turned upward for the first time in five months on higher product prices.

Computer exports surged 23.4 percent, rising for the fourth consecutive month on demand for solid state drive (SSD). Ship exports soared 89.9 percent, with shipments for auto parts, textiles and general machinery growing 3.2 percent, 2.3 percent and 1.5 percent respectively.

Display panels shipment declined 7.1 percent over the year in August, but it was the slowest fall since July 2015 thanks to higher product prices and stronger demand for OLED panels used in smartphones and TVs.

Exports of telecommunications devices and consumer electronics retreated 9.0 percent and 11.4 percent each last month. Auto shipments tumbled 14.8 percent on labor strikes from carmakers.

By country, exports to China, South Korea's largest trading partner, shed 5.3 percent in August from a year ago, but it was the slowest fall since September 2015.

Shipments to the Middle East posted a single-digit fall of 7.6 percent in August, the lowest reduction in 14 months due to demand for steel products, petrochemicals and home appliances.

Exports to the United States posted a slower fall, but those to the European Union (EU) and Latin America logged a faster decline last month.

Meanwhile, raw material imports reduced 6.9 percent in August from a year ago amid lower crude oil prices, but imports of capital and consumer goods increased 3.6 percent and 9.4 percent each. Endit