South Korea’s total exports fell for a 14th consecutive month in Jan 2020. The country exported various products, including finished flat steel products and automobiles worth $43.35bn in January 2020, down 6.1pc from $46.17bn in Jan 2019, according to the Ministry of Trade, Industry and Energy.
In Jan 2020, exports of automobiles dropped by 22.2pc and that of automotive parts declined by 15pc.
Exports of ships which involve heavy steel consumption rose after three months of decline. Shipments of Very Large Crude Carriers (VLCC), Floating Liquefied Natural Gas (FLNG), and LNG carriers increased in Jan 2020.
South Korea maintained its trade surplus for an eighth successive year. The country’s trade surplus in January was $620mn. Its exports to Asean countries rose by 9.9pc to $9.5bn.
In December 2019, South Korea’s exports were at $45.71bn.
South Korea’s total imports in Jan 2020 were at $42.73bn, down 5.3pc from the prior year.
The impact of trade disputes with Japan and China’s Coronavirus related shutdown could keep the recovery of South Korea’s exports slower in the coming months. China and Japan are the top two trade partners for South Korea.