South Korea’s export volume and export value index fell 2.9 percent and 9.4 percent last month, respectively. The latter fell for the 14th consecutive month and the former is likely to continue to drop for a while in the wake of COVID-19.
The Bank of Korea announced on Feb. 26 that South Korea’s export volume index fell 2.9 percent year on year in January this year with a decrease in transport equipment and chemical product exports exceeding an increase in computer and electronic and optical device exports.
Last month, South Korea’s computer and electronic and optical device export volume showed a year-on-year increase of 16.6 percent but export value fell 5 percent with semiconductor chip prices continuing to fall. As for chemical products, the export volume fell 6.7 percent and the export value fell 12.6 percent due to a global supply glut.
South Korea’s import volume index went down by 4.1 percent last month as primary metal product and machinery imports decreased in spite of an increase in coal and petroleum product imports. The import value index fell for the ninth consecutive month with a year-on-year decline of 5.8 percent.
In January this year, South Korea’s net barter terms of trade index showed a year-on-year decrease of 5 percent with the export and import prices falling 6.7 percent and 1.8 percent, respectively. The index indicates the amount of available imports per unit export.