SKorea’s industrial parts exports fall in 3 quarters amid global slump

S.Korea’s industrial parts exports fall in 3 quarters amid global slump

S.Korea’s industrial parts exports fall in 3 quarters amid global slump

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South Korean exports of industrial parts and materials declined for the first three quarters of this year amid the global economic slump, a government report showed on Tuesday. Shipments of industrial components and materials reached 185.7 billion US dollars during the January-September period, down 6.9 percent from the same period of last year, according to the Ministry of Trade, Industry and Energy (MOTIE). The parts exports reduced amid the weak global demand, caused by the lackluster global recovery, but the component exports accounted for 51.1 percent of South Korea’s total exports last month. The portion was the highest ever recorded by the sector. Industrial parts imports stood at 112.8 billion dollars for the first nine months of this year, sending trade surplus in the sector to 72.9 billion dollars in the cited period. Parts and material exports to China, South Korea’s largest trading partner, tumbled 13.2 percent in the cited period at 60.4 billion dollars, keeping a downward trend. Shipments to the Association of Southeast Asian Nations (ASEAN) members increased 4.6 percent on demand from Vietnam, with those to Japan growing 1.3 percent at 9.3 billion dollars. By product, exports of rubber goods and plastics increased 8.2 percent as rising car production in overseas factories by local automakers boosted demand for such goods used for auto parts. Shipments of chemicals declined 6 percent, with those for primary metals and textile products sliding 8.1 percent and 10.3 percent respectively.

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