Exports decrease 5.1% in Jan. 1-20 period due to fewer working days

Korea's exports dropped 5.1 percent from a year earlier in the first 20 days of January due to a smaller number of working days, data showed Tuesday.

Outbound shipments reached $31.6 billion in the Jan. 1-20 period, compared with $33.3 billion tallied a year earlier, according to the data from the Korea Customs Service.

Imports went down 1.7 percent on-year to $35.4 billion during the period, resulting in a trade deficit of $3.8 billion, the data showed.

The decline in exports was solely attributed to a reduced number of working days, which came to 14.5 over the period, compared with 15.5 tallied a year earlier.

The daily average volume of exports, on the other hand, moved up 1.4 percent on-year over the cited period, according to the agency.

"This year's Lunar New Year holiday falls in January, unlike last year, and with the inclusion of a temporary public holiday, the holiday period has been extended. As a result, exports for this month are expected to temporarily slow down," Cho Ik-no, an industry ministry official, said.

The country had maintained a 15-month streak of export growth as of December.

By sector, exports of semiconductors moved up 19.2 percent on-year to $6.3 billion in the first 20 days of January, reflecting an upswing in the semiconductor industry cycle.

In contrast, outbound shipments of automobiles shed 7.3 percent to $3.2 billion. Those of petroleum products plunged 29.9 percent to $2 billion.

By destination, exports to China, the top trading partner of Korea, went down 4.9 percent over the period to $6.48 billion.

Shipments to the United States shed 9.6 percent to reach $5.59 billion. Exports to Vietnam, on the other hand, increased 13.9 percent to $3.06 billion. (Yonhap)