Exports from South Korea declined by 8.2 percent year-on-year to USD 47.11 billion in March 2019, following an upwardly revised 11.4 percent fall in February which was the steepest fall in three years, and compared with market consensus of a 8.7 percent drop. The decrease in last month’s exports was mostly due to combined effects of external risks and cyclical factors, including slowing global economy, trade dispute between US and China and growing protectionism. Sales of memory chips fell 16.6 pct, as global demand for smartphone slowed on low seasonal demand. Also, exports dropped for petrochemicals (-10.7 pct). In contrast, sales of ships rose 5.4 percent, namely drill ships and liquefied natural gas carriers. Exports to China, South Korea's top trading partner, shrank 15.5 pct, and to Japan declined 12.8 pct, due to declining demand of semiconductors and steel. By contrast, exports to the US grew 4 pct, mainly driven by automobile, machinery and petrochemical products. Exports in South Korea averaged 14408.17 USD Million from 1966 until 2019, 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.
Exports in South Korea is expected to be 50300.00 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 49000.00 in 12 months time. In the long-term, the South Korea Exports is projected to trend around 50800.00 USD Million in 2020, according to our econometric models.