South Korea’s exports fell by 16.1% annually during the first 20 days of May, as South Korea’s exports continued to decline for the seventh consecutive month, as demand for chips stagnated.
Data from the country’s customs department said Monday that exports from May 1 to 20 amounted to $32.4 billion, compared with $38.6 billion in the same period last year.
According to the data, chip exports, which are a major export component, fell 35.5% year-on-year in the same period, reaching $4.26 billion.
Exports of petroleum products also fell by 33% to $3 billion, and exports of steel by 7.5% to $2.9 billion.
Meanwhile, auto exports rose 54.7% over the same period, recording $3.44 billion.
South Korea’s total exports last month as a whole fell 14.2% year-on-year, to $49.6 billion.
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