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Korea’s Exports See 10.3% Decline in January Due to Extended Lunar New Year Holiday


Seoul: Korea’s exports experienced a 10.3 percent decline in January, ending a streak of 15 consecutive months of annual growth. This downturn has been attributed to fewer business days during the extended Lunar New Year holiday, according to data released on Saturday.

According to Emirates News Agency, the Ministry of Trade, Industry and Energy compiled data showing that the Republic of Korea’s outbound shipments fell to US$49.1 billion last month. In contrast, imports decreased by 6.4 percent year-on-year, amounting to $51 billion, which resulted in a trade deficit of $1.89 billion, marking the first deficit in 20 months.

In terms of specific sectors, exports of semiconductors rose by 8.1 percent, reaching $10.1 billion. This figure represents the second-highest amount ever recorded for January and marks the ninth consecutive month that chip exports have exceeded the $10 billion threshold.

The data also indicated that outbound shipments of computers, including solid state drives, increased by 14.8 percen
t to $800 million, continuing their growth for the 13th straight month.

Conversely, the automobile sector faced challenges as exports dropped by 19.6 percent year-on-year to $5 billion. This decline was significantly influenced by the prolonged holiday period and reduced demand for diesel and electric vehicles.

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