Korea’s export portfolio diversified in 2019 amid chip slump

20-Jan-2020 Intellasia | Yonhap | 6:02 AM Print This Post

South Korea’s export portfolio was more diversified in 2019 as its outbound shipments of chips sharply lost ground amid an industrywide slump, data showed Sunday.

The country’s outbound shipments of chips sank 26 percent on-year to reach $93.9 billion in 2019, according to the data compiled by the Ministry of Trade, Industry and Energy.

Weak global prices of memory chips have led to a sharp drop in the value of South Korea’s exports, despite an increase in their volume.

Chips took up 17.3 percent of the country’s overall exports in 2019, down from 20.9 percent posted a year earlier, the data showed.

Amid the dull performance of chips, South Korea’s top 10 export products accounted for 56.1 percent of the overall outbound shipments in 2019, down from 58.5 percent posted a year earlier, indicating the country’s trade portfolio has diversified.

Chips, however, still stood as the largest export product for the seventh consecutive year.

South Korea’s outbound shipments of cars increased 5.3 percent on-year to reach $43 billion in 2019 on the back of strong demand for sport utility vehicles. The sector bounced back to the No. 2 spot with a 7.9 percent portion, after slipping to the third place in 2017.

Petroleum products and auto parts followed, taking up 7.5 percent and 4.2 percent of the annual exports each.

The country’s overall exports, meanwhile, plunged 10.3 percent on-year in 2019, with exports dipping for 13 consecutive months as of December.

For the year, exports by Asia’s fourth-largest economy are expected to rebound by 3 percent.

https://en.yna.co.kr/view/AEN20200119001600320

 


Category: Korea

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