Exports down 16.5% during first 20 days of August

Containers docked at a port in Busan, Aug 1 (Yonhap)

South Korea's exports fell 16.5 percent on-year in the first 20 days of August due to sluggish shipments of chips and petroleum products, data showed Monday.

The country's outbound shipments reached $27.9 billion in the Aug. 1-20 period, compared with $33.3 billion tallied a year earlier, according to the data from the Korea Customs Service.

Imports fell 27.9 percent on-year to $31.4 billion during the period, resulting in a trade deficit of $3.6 billion.

South Korea's exports fell for the 10th consecutive month in July due mainly to weak demand for semiconductors, but the country reported a trade surplus for the second straight month.

Exports have been on a steady decline since October last year amid aggressive monetary tightening by major economies to curb high inflation and an economic slowdown. It is also the first time since 2020 that exports have declined for nine months in a row. (Yonhap)