S. Korea′s exports down for fifth month in Feb. on falling chip demand

S. Korea's exports down for fifth month in Feb. on falling chip demand: BRAND / 오석민 / 2023-03-01 09:11:09

trade balance-February

▲ Containers are stacked at a port in the southeastern city of Busan on Feb. 26, 2023. (Yonhap)

trade balance-February

S. Korea's exports down for fifth month in Feb. on falling chip demand

SEOUL, March 1 (Yonhap) -- South Korea's exports fell for the fifth consecutive month in February due mainly to weak global demand for semiconductors amid an economic slowdown, the industry ministry said Wednesday.

Outbound shipments fell 7.5 percent on-year to US$50.1 billion in February, according to the data compiled by the Ministry of Trade, Industry and Energy.

The decline came as exports of semiconductors, the country's key export item, dived 42.5 percent last month on falling demand and a drop in chip prices, the ministry said.

Imports rose 3.6 percent on-year to $55.4 billion in February, resulting in a trade deficit of $5.3 billion.

South Korea has reported a trade deficit since April last year, and it is the first time since 1997 that the country has suffered a trade deficit for 12 straight months.

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