Mainly Due to Strike
It has been found that South Korea’s monthly exports, which rebounded for the first time in 20 months in August this year, dropped again in the following month due to a strike in the automobile industry.
The Ministry of Trade, Industry & Energy announced on October 1 that the total exports from the country for September this year are estimated at US$40.9 billion, down 5.9% from a year ago. This decline can be attributed to the recall of the Galaxy Note 7 by Samsung Electronics and a decrease in the number of built and delivered ships as well as a strike by Hyundai Motor Company labor union members.
“The most decisive factor was the walkout by the workers in Hyundai Motor Company,” the ministry explained, adding, “It resulted in a decline in exports of US$1.14 billion and accounted for 2.6 percentage points in the 5.9% fall.”
During that month, South Korea’s imports totaled US$33.8 billion, down 2.3% from a year earlier, and its monthly trade surplus added up to US$7.1 billion. The country recorded a trade surplus for the 56th consecutive month last month.