S.Korea's industrial parts exports fall for 2 years through 2016

South Korea's exports of industrial parts and materials, which account for about half of the total overseas shipments, declined for two years through 2016, a government report showed on Monday.

Exports of industrial materials and components amounted to 251.9 billion U.S. dollars in 2016, down 4.8 percent from the previous year, according to the Ministry of Trade, Industry and Energy (MOTIE).

The growth rate tumbled from 4.9 percent in 2014 to a negative increase of 4.1 percent in 2015.

Material exports lost 3.1 percent over the year to 74.8 billion dollars in 2016, while component shipments dipped 5.5 percent to 177.2 billion dollars.

South Korea's largest trading partner was outstanding due to falling demand from China. The parts and material exports to China tumbled 11.5 percent to 82.7 billion dollars, but those to Japan increased 3.2 percent.

By product, electronic parts exports posted a double-digit decline on lower semiconductor prices, but shipments in electrical machinery parts and plastic components increased over 3 percent.

The parts and materials exports took up 50.8 percent of total overseas shipments in 2016, marking the highest in history.

Imports of parts and materials declined 4.5 percent to 152.5 billion dollars, sending the 2016 trade surplus in the sector to 99.4 billion dollars. Endit