Exports from South Korea fell 7 percent from a year earlier to USD 42.8 billion in July 2020, compared with market consensus of a 9.7 percent drop, a preliminary estimate showed. It was the fifth straight month of decline in exports, but the smallest since March, as global demand gradually recovers following the easing of coronavirus-induced lockdown measures. Sales were sharply down for petrochemicals (-21 percent) on lower oil prices and for automobiles (-4.2 percent) due to the weak demand from European markets. On the other hand, shipments of semiconductors, the nation's top export, climbed 5.6 percent, while those of computers and ships surged 77.1 percent and 18.0 percent, respectively. Among major trade partners, exports declined to the EU (-11.1 percent), but rose to the US (7.7 percent), the first increase since the outbreak, and China (2.5 percent).
Exports in South Korea averaged 15113.97 USD Million from 1966 until 2020, reaching an all time high of 55115.24 USD Million in September of 2017 and a record low of 14.75 USD Million in January of 1966. This page provides the latest reported value for - South Korea Exports - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. South Korea Exports - data, historical chart, forecasts and calendar of releases - was last updated on August of 2020. source: Ministry of Trade, Industry & Energy (MOTIE)
Exports in South Korea is expected to be 50000.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Exports in South Korea to stand at 50800.00 in 12 months time. In the long-term, the South Korea Exports is projected to trend around 51700.00 USD Million in 2021, according to our econometric models.