Seoul: South Korea's exports decreased by 15.2 percent year-on-year in the first 10 days of October, as reported on Monday. This decline was primarily attributed to a reduced number of working days resulting from the extended Chuseok holiday.
According to Yonhap News Agency, the Korea Customs Service data indicated that outbound shipments amounted to US$13 billion during the period from October 1 to 10, compared to $15.3 billion recorded a year earlier. The extended Chuseok holiday, which lasted through last Thursday, limited the number of working days to 3 1/2, as opposed to 5 1/2 days in the same period last year, contributing significantly to the downturn.
Despite the overall decrease, average daily exports experienced a 33.2 percent increase on a year-on-year basis, the data revealed. Imports also fell by 22.8 percent year-on-year, reaching $13.5 billion during the period and resulting in a trade deficit of $500 million.
In terms of specific items, exports of semiconductors rose by 47 percent from the previous year to $4.5 billion. Chip exports made up 34.7 percent of South Korea's total exports for the period, a rise of 14.7 percentage points from the corresponding period last year.
The data also highlighted a 43.4 percent decline in exports to the United States, amounting to $1.4 billion, amidst tariff measures implemented by President Donald Trump's administration. Meanwhile, exports to China, South Korea's largest trading partner, decreased by 19.1 percent to $2.82 billion.
In contrast, the month of September saw a 12.7 percent increase in exports from the previous year, reaching $65.95 billion, driven by strong semiconductor demand, marking an all-time high for the first time in 3 1/2 years.