The Trade Ministry's monthly report on the country's imports and exports shows.... that exports fell again in March when compared to the year before.
KIM Da-mi has the details. Korea's exports fell on-year for 4th consecutive month in March.
According to the Trade Ministry on Monday, the numbers for March fell by more than 8 percent on-year to 47-point-1 billion U.S. dollars.
The main reasons for the slump include falling semiconductor prices, China's slow economy and the lower number of working days due to the Lunar New Year holiday.
Semiconductor exports dropped 16-point-6 percent, and petrochemical goods were down almost 11 percent.
The ministry also pointed to a high base effect as another reason for the on-year decline, as the on-month figures showed a 5-point-5 percent increase in exports,... and the on-year drop was smaller than the decline of 11-point-4 percent in February.
The country’s imports also dropped 6-point-7 percent during the same period.
In particular, imports of semiconductor manufacturing equipment fell 70 percent on-year as a result of local companies' less active facility investment. LNG imports were also down.
South Korea saw a trade surplus for the 86th month in a row,... at 5-point-2 billion U.S. dollars.
The Trade Ministry will hold an export strategy coordination meeting next Tuesday to discuss ways to enhance export marketing support.
KIM Da-mi, Arirang News.