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Exports in South Korea edged higher during the first 20 days of the month of October due to a temporary effect of a rebound in ship exports. However, outbound shipments to China fell, marking the 15th straight month of decline, raising worries that the country's overseas shipments to the neighboring country may not recover any time soon.
Exports, which account for about half of the economy, reached USD24.99 billion during the Oct 1-20 period, up 1.2 percent from the same period of last year, data released by the Korea Customs Service (KCS) showed Friday.
However, South Korean exports to China fell 9 percent on year last month. Shipments to China stood at USD10.96 billion in September, compared with USD12.04 billion for the same month last year, data released by the Korea International Trade Association (KITA) showed Friday.
By item, exports of semiconductors dropped 13.4 percent on-year to reach USD2.27 billion in September, with shipments of flat panels plunging 5 percent to USD1.74 billion over the cited period. In particular, exports of telecommunication equipment sank 45 percent on-year last month to USD657 million, the data showed.
In contrast, South Korea's exports to Vietnam have more than doubled over the past five years, making it the world's third-largest importer of South Korean products, as more South Korean firms relocated their output facilities to the Southeast Asian country. Also, Vietnam's economy is posting a sharp growth.
In 2015, the country's outbound shipments to Vietnam came to USD27.8 billion, spiking 24.1 percent from USD22.4 billion the previous year, according to the KITA. In September alone, shipment to Vietnam surged 16.9 percent on-year to reach USD2.79 billion, the data showed.
Meanwhile, the country’s mobile phone exports are forecasted to keep falling as Samsung is required to compete in the fiercer mobile phone market without the latest model.
