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Exports

South Korea's Outbound Shipments Dip 3.6% in October Due to Resurgent COVID-19 Cases

Strategic Insights

— 1 min read

South Korea's outbound shipments experienced a decline of 3.6% in October compared to the previous year, marking a reversal of the brief rebound observed in the previous month. This downturn is attributed to the resurgence of new coronavirus cases globally and fewer working days. According to data compiled by the Ministry of Trade, Industry and Energy, outbound shipments reached $44.9 billion in October, down from $46.6 billion in the same period last year. Imports also declined, falling 5.8% to $39 billion, resulting in a trade surplus of $5.9 billion. The decline in shipments is in line with market expectations, as a poll by Yonhap Infomax had forecast a 3.12% on-year decrease.

Key Takeaways:

  • South Korea's outbound shipments dipped 3.6% in October from a year earlier, snapping the previous month's brief rebound.
  • Outbound shipments came to $44.9 billion last month, compared to $46.6 billion a year earlier.
  • Imports moved down 5.8% to $39 billion, resulting in a trade surplus of $5.9 billion.
  • The latest figure roughly falls in line with market expectations.
  • South Korea's exports have fallen for the sixth consecutive month, with a decline of 3.6% in October.
  • The country has enjoyed a few brief rebounds in exports since the start of the pandemic, including a 4.5% rise in February and a 7.7% rebound in September.
  • New waves of coronavirus infections recently gripped the United States and European nations, potentially straining business activities and impacting trade.

Statistics:

  • South Korea's outbound shipments dipped 3.6% in October from a year earlier.
  • Outbound shipments reached $44.9 billion in October, compared to $46.6 billion a year earlier.
  • Imports moved down 5.8% to $39 billion, resulting in a trade surplus of $5.9 billion.
  • The country's exports have fallen for the sixth consecutive month.
  • The poll by Yonhap Infomax had forecast a 3.12% on-year decrease in October exports.
  • South Korea's exports have experienced a decline of 25.5% in April and 23.6% in May.

Sources:

  • Yonhap
  • Ministry of Trade, Industry and Energy
  • Yonhap Infomax

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