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| Shipping containers are stacked at a pier in Korea's largest port city of Busan on Nov. 8. Yonhap |
Korea's exports slipped 2.8 percent on-year in the first 10 days of November due mainly to weak shipments of chips and mobile devices, data showed Friday.
The country's outbound shipments stood at $17.7 billion in the Nov. 1-10 period, compared with $18.2 billion a year earlier, according to the data from the Korea Customs Service.
Imports also went down 6.7 percent on-year to $19.8 billion during the cited period, resulting in a trade deficit of $2.05 billion.
By sector, outbound shipments of chips, the mainstay export product for Asia's No. 4 economy, plunged nearly 27 percent in the first 10 days of the month to reach $2.7 billion. Exports of mobile devices fell 13.2 percent over the period to $700 million.
Overseas sales of petroleum products, on the other hand, shot up a whopping 64 percent to reach $1.9 billion, the data showed. Exports of automobiles advanced 31.8 percent to reach $1.45 billion.
By nation, exports to China, the largest trading partner, came to $3.8 billion in the 10-day period, dropping 25.4 percent on-year.
Shipments to the United States, on the other hand, moved up 21 percent to $3 billion.
Exports to the European Union and Vietnam also gained 6.8 percent and 1.2 percent over the period, respectively, the customs agency said.
South Korea's exports this year have reached $594.9 billion so far, up 9.8 percent on-year. Imports, meanwhile, increased at a wider margin of 22.2 percent to hit $632.5 billion on high energy costs, resulting in a deficit of $37.6 billion.
Exports stood at $52.48 billion in October, down 5.7 percent from $55.7 billion a year earlier, separate data from the trade ministry showed. It was the first on-year drop since the 3.6 percent fall posted in October 2020. (Yonhap)
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