SEOUL: South Korea’s exports continued to contract from a year earlier in March, but the rate of decline slowed from the previous month, government data showed Friday. Outbound shipments came to $42.98 billion in March, down 8.2 percent from the same month last year, according to the Ministry of Trade, Industry and Energy. But from February, exports rose 18 percent.
“Exports shrank by a single-digit figure for the first time in four months in March despite negative factors that included a slump in the global economy, low oil prices and a drop in prices of key export items,” the ministry said.
March marked the 15th consecutive month since exports dropped from a year earlier — the longest declining streak in the country’s history. The prolonged slump in exports has been attributed to sluggish overseas demand, coupled with low global oil prices.
The ministry said outbound shipments of steel products spiked 14.7 percent on-year last month, a turnaround from a negative growth in the month before, with shipments of mobile communication devices, such as smartphones, jumping 19.9 percent on-year. Shipments of semiconductors shrank 1.5 percent on-year in March, but the decline rate was lower than February’s 12.6 percent plunge.
By country, shipments to European Union countries surged 12.7 percent on-year with shipments to Vietnam and India soaring 13.5 percent and 11.7 percent, respectively. Exports to China dwindled for a nine consecutive month, plunging 12.2 percent on-year in March, but was lower than the 21.5 percent decline in January.
