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S.Korean exports fall in October on Note 7 discontinuation, auto workers' strikes

Xinhua, November 1, 2016 Adjust font size:

South Korean exports, which account for about half of the export-driven economy, declined last month on the back of labor strikes in major automakers and the discontinuation of Samsung Electronics' Galaxy Note 7 smartphone, a government report showed on Tuesday.

Exports fell 3.2 percent from a year earlier to 41.9 billion U.S. dollars in October, according to the Ministry of Trade, Industry and Energy (MOTIE). The exports rebounded in 20 months in August, but the figure turned downward in September and October.

The sluggish exports were led by falls in smartphone and car shipments, which were caused by partial strikes among unionized workers in the country's top automaker Hyundai Motor and the permanent end of production and sales of Samsung's Galaxy Note 7 smartphones.

South Korea's smartphone exports tumbled 28.1 percent in October compared with a year ago. Samsung decided on Sept. 2 to recall about 2.5 million Note 7 devices globally on reports of catching fire and heating up, just two weeks after its debut.

Samsung finally discontinued the fire-prone phones as fire cases were reported even from replacement devices for recalled phones.

The country's car shipments sank 11.8 percent as partial strikes in Hyundai and its affiliate Kia Motors disrupted auto production and led to delayed shipments. Enditem