South Korean exports fall 2.7% in first 20 days in January

Robert Besser
26 Jan 2023, 19:11 GMT+10

Korea Customs Service data released this week showed that South Korean exports for the first 20 days of January fell 2.7 percent from 2022
However, this pace was still slower than that recorded in December, when South Korean exports fell 9.0 percent year-on-year during the first 20 days
They declined 9.6 percent for the full month due to cooling global demand caused by aggressive policy tightening aimed at curbing inflation

SEOUL, South Korea: Korea Customs Service data released this week showed that South Korean exports for the first 20 days of January fell 2.7 percent from 2022.

However, this pace was still slower than that recorded in December, when South Korean exports fell 9.0 percent year-on-year during the first 20 days and declined 9.6 percent for the full month due to cooling global demand caused by aggressive policy tightening aimed at curbing inflation.

During the first 20 days of January, exports to China dropped by 24.4 percent and those to the US increased by 18.1 percent, while imports during the same period rose by 9.3 percent year-on-year, bringing South Korea's trade deficit to $10.26 billion, the data showed.

In December, the country's trade deficit was $4.69 billion.

After a 6.1 percent gain in 2022, the South Korean government predicts overseas sales in 2023 to fall 4.5 percent, but the trade ministry pledged to achieve growth in exports.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Colorado Star.

More Information

24 ℉

Fair in Aurora/Buckley Afb

International Business

Section

China economy remains slow as industrial profits down 4% in 2023

BEIJING, California: As the world's second-largest economy is still struggling to fully recover from the long-term effects of COVID-19, most ...

Closing of SVB Bank causes fall in deposits in small US banks

NEW YORK CITY, New York: Deposits at small U.S. banks throughout the country dropped the most since 2007 after the ...

Ford EVs will lose $3 billion pretax in 2023, says officials

DETROIT, Michigan: In a briefing for investors and analysts this week, Ford Motor Co. reported that while its electric vehicle ...

Tottering Virgin space business receives $200 million from investor

LONDON, England: Reuters has reported that struggling Virgin Orbit, owned by billionaire Richard Branson, is nearing a $200-million investment deal ...

U.S. says businesses receiving federal funds cannot work with China

WASHINGTON D.C.: The US Commerce Department has proposed new laws aimed at preventing China and other countries deemed of concern ...

Mexico to become EV production hub despite low local demand

MEXICO CITY, Mexico: Amid Tesla's plan to open a $5 billion Gigafactory in the country, Mexico will soon become an ...

US

Section