Exports down 0.9% from January 1-10... Trade Deficit Hits $6.3 Billion (Update)

[Asia Economy Sejong=Reporter Dongwoo Lee] Exports decreased by about 1% compared to the same period last year as of the 10th of this month in the new year.

According to the Korea Customs Service on the 11th, the export amount (provisional customs clearance basis) from January 1 to 10 was $13.862 billion, down 0.9% from the same period last year.

During this period, the number of working days was 7.5 days, one day more than the same period last year (6.5 days). Considering the number of working days, the average daily export amount decreased by 14.1%.

Exports have been declining for four consecutive months from October last year to the 10th of this month.

Imports during the same period amounted to $20.134 billion, an increase of 6.3%.

The trade balance recorded a deficit of $6.272 billion. The size of the trade deficit increased by $1.318 billion compared to the same period last year (-$4.954 billion).

The trade deficit with China from the 1st to the 10th of this month was $1.87 billion, continuing for four consecutive months since October last year.

Last year, the trade balance recorded a deficit of $47.2 billion, returning to a deficit for the first time in 14 years since the 2008 global financial crisis.

On the 8th, when the government issued an additional work commencement order to the Cargo Solidarity Union, containers were piled up at the Uiwang IDC in Gyeonggi Province. / Uiwang = Photo by Kang Jin-hyung aymsdream@