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Biz News Korea(Eng)
- Collected
- 2019.09.23
- Distributed
- 2019.09.24
- Source
- Go Direct
South Korea’s imports from Japan remained robust despite the exclusion of key IT chemicals under export curbs from July.
According to preliminary August trade statistics data released by Japan’s Ministry of Finance, Japanese exports bound for Korea amounted to 422.6 billion yen ($3.9 billion) in August and 436.1 billion yen in July.
The share of shipments to Korea against its total exports was 6.3 percent in August and 6.6 percent, mostly unchanged from 6.3 percent in June before Tokyo slammed de facto embargo on three chemicals crucial for memory chip and display panel production in Korea by requiring a case-by-case permit instead of fast-track clearance.
Korea stayed Japan’s third biggest importer after China and the United States.
Japan`s exports of the three chemicals - photoresists, hydrogen fluoride, and fluorinated polyimides used to manufacture memory chips and smartphone displays - to Korea virtually stopped since July, prompting Korean makers to seek substitutes outside Japan.
Shipments of hydrogen fluoride, or etching gas for cleaning memory chips, plunged 83.7 percent in July from the previous month, according to Japanese finance ministry’s trade data.
Japanese exports to Korea contracted 6.9 percent in July compared to the previous month. It was the ninth month in a row for its Korea-bound shipments to decline but the month-on-month fall was smallest during the cited period, except April’s 4.2-percent drop.
Japan’s exports to its biggest trading partner China fell 9.3 percent in July. Its trade deficit with China more than doubled to 383.7 billion yen on month
By Lim Hyung-joon and Cho Jeehyun
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