ZCZC
BCN-22
S.KOREA-EXPORT-INDUSTRY-ENERGY
S. Korea’s export keeps falling for 6 months to May
SEOUL, June 1, 2019 (BSS/Xinhua) – South Korea’s export kept falling for
six straight months to May on the continued downturn in business cycle of the
global semiconductor industry and the emerging global trade dispute, a
government report showed Saturday.
Export, which accounts for about half of the export-driven economy,
amounted to 45.91 billion U.S. dollars in May, down 9.4 percent from the same
month of last year, according to the Ministry of Trade, Industry and Energy.
The outbound shipment continued to shrink since December last year. The
falling pace of export in May was faster than a 2-percent slide in the
previous month on the global trade friction, caused by the U.S. protectionist
moves.
The downturn in business cycle of the global chip industry continued last
month, negatively affecting the export of semiconductors that had led the
overall export growth before turning downward.
In terms of volume, the export rose for two months to May, indicating the
recent export reduction was attributable to the lower export price.
The export volume grew 0.7 percent in May from a year earlier, after
expanding 2.3 percent in April.
Import fell 1.9 percent over the year to 43.64 billion dollars in May,
sending the trade surplus to 2.27 billion dollars.
The trade balance stayed in the black for 88 months in a row, but the
surplus was down 63.5 percent from a year earlier.
Chip export plunged 30.5 percent on a continued price fall, a stagnant
demand for smartphones and an inventory adjustment by global IT companies,
the ministry said.
Petrochemical export contracted 16.2 percent on a lower product price and
a weak demand from China.
Export to China, South Korea’s biggest trading partner, sank 20.1 percent
in May from a year ago on the diminished global trade. Shipment to the
European Union (EU) also posted a double-digit reduction.
Car shipment gained 13.6 percent on solid demand for locally-made sports
utility vehicle (SUV) and environmentally-friendly vehicles, keeping an
upward momentum for the second consecutive month.
Ship export surged 44.5 percent on an expanded delivery of ships, ordered
in 2017, and a strong demand for LNG carriers and very large crude carriers
(VLCC).
General machinery shipment grew for two months to May on strong demand
from China, and the secondary battery export continued to increase for 32
straight months on demand from Asia and the United States.
Electric vehicle export kept growing for 28 months in a row as local
carmakers raised investment in environmentally-friendly vehicles, and the
organic light-emitting diode (OLED) shipment was up for two months due to
demand for premium TVs.
Export to the United States continued to rise for the eighth consecutive
month on demand for locally-made home appliances and automobiles.
Shipment to Japan rebounded 2.1 percent last month, and export to India
kept rising for the ninth straight month on the rising demand for chips and
consumer electronics.
BSS/XINHUA/HR/1420