SEOUL: South Korea’s exports of industrial parts and materials dropped on-year in the first nine months of this year, according to the Trade Ministry on Oct. 18. Outbound shipments of industrial parts and materials dropped 6.9 percent on-year to US$185.7 billion in the January-September period, accounting for a record 51.1 percent of the country’s overall exports, according to the ministry.
Imports also fell 6.5 percent on-year to $112.8 billion over the nine-month period, with the country posting a trade surplus of $72.9 billion in the sector. For the third quarter alone, the sector posted a 2.1-percent annual decline in exports to reach $64.1 billion and saw its imports retreat 2.9 percent to $38.6 billion.
Shipments to most regions declined on sluggish global demand, the ministry said. Exports of industrial components and materials to China sank 13.2 percent on-year to $60.4 billion and those to the Middle East tumbled 18.2 percent to $8.1 billion through September, while exports to the United States inched down 0.5 percent to $20.3 billion over the cited period.
