Exports down 16% during first 10 days of March

A ship carrying containers leaves a port in the southeastern city of Busan last Friday. (Yonhap)

South Korea's exports fell 16.2 percent on-year in the first 10 days of March, data showed Monday, due to sluggish shipments of chips.

The country's outbound shipments stood at $15.8 billion in the March 1-10 period, compared with $18.8 billion a year earlier, according to the data from the Korea Customs Service.

Imports advanced 2.7 percent on-year to $20.8 billion during the cited period, resulting in a trade deficit of $4.9 billion.

In February, the country's outbound shipments fell 7.5 percent on-year to $50.1 billion as exports of chips dived 42.5 percent over the period.

Exports have logged an on-year fall since October last year amid aggressive monetary tightening by major economies to curb inflation. The country has suffered a trade deficit for 11 straight months. (Yonhap)