Seoul: South Korean exports fell at a faster pace in April than March in annual terms as fewer working days ate into shipments already suffering from weak global demand and low global commodity prices, government data showed on Sunday.
Preliminary data showed April’s exports slid 11.2 per cent down from a year earlier to $41.05 billion (Dh150 billion), while imports also dropped a faster 14.9 per cent to $32.21 billion, the Ministry of Trade, Industry and Energy said.
This produced a $8.84 billion trade surplus, inching down from a $9.86 billion surplus seen in March.
Exports have been falling since January last year, and declined 8.1 per cent in March.
Economists polled by Reuters had forecast exports to fall 11.0 per cent last month after an 8.1 per cent decline in March.
Imports had been expected to drop 12.5 per cent after a 13.9 per cent slump in the preceding month.
“April exports worsened slightly on temporary factors like less working days amid negative conditions like a sluggish global economy, low oil prices and product price falls,” said the ministry in a statement.
April this year had 1.5 less working days compared with a year ago.
The average export value per working day was $1.82 billion in April, edging up from the average value of $1.79 billion in March.
The ministry said shipments fell to nearly all of South Korea’s main markets. Destination breakdowns will be released later in the day.
Exports of ships rebounded in April while smartphones continued to see strong demand, the ministry said without providing details, while other key product exports fell.
