S. Korea's export growth slows on strong currency, protectionist moves

SEOUL, April 23 (Xinhua) -- South Korea's export growth slowed for the first 20 days of April over the appreciation of domestic currency against the U.S. dollar and protectionist moves, especially from the United States, customs office data showed Monday.

Exports, which account for about half of the South Korean economy, reached 32.8 billion U.S. dollars on April 1-20, up 8.3 percent from the same period of last year, according to the Korea Customs Service.

The daily average export was 2.05 billion dollars during the period, up 4.9 percent from a year earlier. It was down from a 9.3-percent expansion in the same period of March.

The lower export growth came as the South Korean currency gained against the greenback, reducing the repatriated value of export proceeds.

The U.S. protectionist moves toward South Korea was also a negative factor for the export-driven economy.

Global demand remained strong for locally-made semiconductors, of which outbound shipment soared 49.5 percent in the cited period.

Exports for oil products jumped 37.2 percent, but those for telecommunications devices, such as smartphone, sank 34.8 percent as local companies increased production in overseas factories.

Imports advanced 20.8 percent to 30.9 billion dollars in the period, sending the trade surplus to 1.94 billion dollars. Enditem