The double-digit losing streak is set to worsen for Korean exports as it faces more headwinds on the trade front.

According to data released by the Korea Customs Service on Tuesday, the country’s outbound shipments totaled $28.3 billion in the July 1-20 period, down 13.6 percent from a year ago and 10.3 percent from a month earlier. Monthly exports have been on a losing track since December last year. The fall has extended to 9.4 percent in May and double digits from June.

Daily exports averaged $1.7 billion, contracting 16.2 percent even despite 0.5 more working day compared to a year earlier.

Exports of semiconductors, responsible for one-fifth of the country’s total exports, shrank 30.2 percent on year as the category received another blow from Japan due to export restriction on top of a global-wide downturn.

The country’s other mainstay export items petroleum products and ships also tumbled 15.6 percent and 24.0 percent, respectively, during the same period.

Shipments of automobiles, however, gained 19.5 percent, wireless communication devices 7.2 percent, and home appliance 34.5 percent.

Exports to most of Korea’s major trading partners slowed down compared to a year earlier. Shipments to China shriveled 19.3 percent, the U.S 5.1 percent, European Union 12.3 percent, Japan 6.6 percent, and the Middle East 30.3 percent.

Meanwhile, shipments to Vietnam expanded 8.7 percent and to Singapore 0.9 percent.

Imports in the first 20 days amounted to $28.7 billion, down 10.3 percent on year, and delivered a trade deficit of $374 million for the cited period.

Semiconductor imports rose 7.7 percent and automobiles 18.7 percent. But shipments of crude oil plunged 33.7 percent, machineries 12.4 percent, gas 14.8 percent, petroleum products 23.1 percent.

Imports from the Middle East sank 32.3 percent, Japan 14.5 percent, European Union 6.5 percent, and Vietnam 6.1 percent while shipments from Australia grew 19.4 percent, the U.S. 3.7 percent, and China 1.0 percent.

Of the imports from Japan, machineries plummeted 25.3 percent, precision instrument 7.3 percent, and semiconductors 4.0 percent over the cited period.

By Lim Sung-hyun and Cho Jeehyun

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]