S. Korea's exports in April 2023 declines 14.2% year-on-year

By Kim Joo-heon Posted : May 1, 2023, 16:13 Updated : August 7, 2023, 13:56

[Yonhap News Photo]

SEOUL -- South Korea's total exports have declined for seven consecutive months while domestic firms suffer from a steep fall in exports of semiconductors. The country has also experienced a trade deficit for 14 months since March 2022.
 
Data released by South Korea's trade ministry showed said that exports this month were tallied at $49.62 billion, down 14.2 percent from the same period in 2022. Exports of semiconductors plunged 41 percent and information technology-related products fell 29.3 percent. Petroleum product exports have fallen by 27.3 percent, petrochemicals by 23.8 percent, and steel by 10.7 percent.
 
Domestic imports in April were about $52.23 billion, down 13.3 percent. South Korea's trade balance, which shows the difference between the nation's imports and exports was $2.62 billion. Although the country is still suffering the trade deficit, the difference in monetary values is steadily decreasing. The trade deficit in February this year was $5.27 billion, $4.62 billion in March, and $2.62 in April.
 
Exports of automobiles have significantly increased by 40.3 percent, along with ships by 59.2 percent.
 
South Korea's conglomerate Samsung Electronics has earlier admitted that the company's performance has deteriorated in the parts industry, saying that demands for IT products continued to be sluggish. The company’s regulatory filing released in April 2023 showed that the company's sales reached 63 trillion won ($469 million), down 19 percent year-on-year. 
 
Samsung said it aims to increase the investment proportion into semiconductor infrastructure and research and development. In 2022, SK hynix, the world's second-largest memory chip producer, and U.S.-based memory semiconductor producer Micron Technology also unveiled their schemes to cut production in line with the shrinking semiconductor market.
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