AMAC - Korea's exports down 10.3 % on-year in January

South Korea's Yonhap News Agency reported that Korean exports fell 10.3 percent year-on-year in January to $49.1 billion, after 15 consecutive months of increases, citing the country's Ministry of Trade, Industry and Energy.

According to Amac News: The decline in exports was due to the reduction in the number of working days due to the long Chinese New Year holiday.
Based on the report, South Korea's imports also fell 6.4 percent year-on-year to $51 billion, resulting in a trade deficit of $1.89 billion. This is the first deficit in 20 months.
In terms of sectors, semiconductor exports rose 8.1 percent to $10.1 billion, the second highest in January. It is also the fifth consecutive month that chip exports have exceeded $10 billion.
Exports of computers, including solid-state drives, also rose 14.8 percent to $800 million, marking the 13th consecutive month of growth. On the other hand, exports of automobiles fell 19.6 percent year-on-year to $5 billion as production was hit hard by long holidays and lower demand for diesel and electric vehicles.