South Korea’s total exports fell for the fourth consecutive month for the first time since July 2016, when the exports fell for the 19th consecutive month.
The Ministry of Trade, Industry and Energy announced on April 1 that South Korea’s exports totaled US$47.11 billion in March this year, down 8.2 percent from a year ago. Earlier, exports fell 1.3 percent, 5.8 percent and 11.1 percent year on year in December 2018 and the following months, respectively.
Last month, South Korea's semiconductor exports dropped 16.6 percent to slightly over US$9 billion. Likewise, petrochemical products, wireless communications equipment and textile exports fell 10.7 percent, 32.3 percent and 11.8 percent, respectively. On the other hand, ship, bio-health products and secondary battery exports rose 5.4 percent, 13 percent and 10.2 percent.
During the period, South Korea's exports to China went down 15.5 percent with the Chinese economy slowing down. Exports to China fell for five months in a row. South Korea posted a trade surplus of more than US$5.22 billion that month, remaining in the black for the 86th consecutive month. The imports totaled US$41.89 billion, down 6.7 percent from a year ago.