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Korea's exports down 10.3% on-year in January

Korea's exports down 10.3% on-year in January
1 Feb 2025 11:51

SEOUL (WAM)

The Republic of Korea's exports snapped their 15 straight months of annual increases in January due to a reduced number of business days from the extended Lunar New Year holiday, data showed Saturday, Yonhap reported.

Outbound shipments fell 10.3 per cent from a year earlier to $49.1 billion last month, according to data compiled by the Ministry of Trade, Industry and Energy.

Imports fell 6.4 per cent on-year to $51 billion, resulting in a trade deficit of $1.89 billion, logging the first deficit in 20 months.

By sector, exports of semiconductors climbed 8.1 per cent to hit $10.1 billion, marking the second-highest amount for any January. It was also the ninth consecutive month for chip exports to surpass the $10 billion mark.

Outbound shipments of computers, including solid state drives, also advanced 14.8 percent to $800 million, rising for the 13th straight month.

Exports of automobiles, on the other hand, tumbled 19.6 per cent on-year to $5 billion as production was highly affected by the long holiday and a decrease in demand for diesel and electric vehicles.

Source: WAM
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