Seoul: South Korea's exports decreased sharply by 23.8 percent in the first 10 days of May compared to the same period last year, primarily due to a reduction in the number of working days, as indicated by recent data.
According to Yonhap News Agency, data from the Korea Customs Service revealed that outbound shipments totaled US$12.83 billion in the May 1-10 timeframe, down from $16.84 billion recorded a year earlier. Imports also saw a decline, falling 15.9 percent year-on-year to $14.57 billion, leading to a trade deficit of $1.7 billion.
The decline in exports was primarily attributed to fewer working days this year compared to the previous year. The number of working days within the cited period was reduced to five days for the current year, compared to 6 1/2 days in 2024. Despite the overall drop, the daily average volume of exports fell slightly by 1 percent on-year, as noted by the customs office.
Exports to the United States experienced a notable decrease of 30.4 percent year-on-year, amounting to $1.99 billion, possibly due to the imposition of new U.S. tariffs on automobiles and other significant items. Shipments to China, South Korea's top trading partner, also declined by 20.1 percent year-on-year to $2.81 billion. The customs office highlighted that exports to the U.S. might continue to face downward pressure amid ongoing tariff uncertainties.
In terms of specific items, exports of semiconductors saw an increase of 14 percent from a year earlier, reaching $3.42 billion. Conversely, shipments of automobiles fell by 2.3 percent year-on-year to $1.12 billion, while petroleum product exports dropped significantly by 36.2 percent to $1 billion.
In contrast, April's export figures showed a 3.7 percent increase from the previous year, totaling $58.2 billion, marking the third consecutive month of growth.