Korea's exports shrink 23.8% during first 10 days of May on fewer working days

Containers are stacked at a port in the city of Pyeongtaek, Gyeonggi Province, April 9. Yonhap

Korea's exports dropped 23.8 percent from a year earlier in the first 10 days of this month mainly due to a reduced number of working days, data showed Monday.

Outbound shipments reached $12.83 billion in the May 1-10 period, compared with $16.84 billion tallied a year earlier, according to the data from the Korea Customs Service.

Imports went down 15.9 percent on-year to $14.57 billion during the period, resulting in a trade deficit of $1.7 billion.

The sharp decline in exports was largely attributed to fewer working days compared with a year before.

The number of working days over the cited period came to five this year, sharply down from 6 1/2 days in 2024.

The daily average volume of exports went down 1 percent on-year over the cited period, according to the customs office.

By destination, exports to the United States plunged 30.4 percent on-year to $1.99 billion, a possible outcome of new U.S. tariffs on automobiles and other key items. Shipments to China, the top trading partner of Korea, also went down 20.1 percent on-year to $2.81 billion.

The customs office noted that outbound shipments to the U.S. are expected to remain under downward pressure due to the ongoing tariff-related uncertainties.

By item, exports of semiconductors increased 14 percent from a year earlier to $3.42 billion.

In contrast, shipments of automobiles slipped 2.3 percent on-year to $1.12 billion, and those of petroleum products plummeted 36.2 percent to $1 billion.

In April, exports gained 3.7 percent from a year earlier to stand at $58.2 billion, marking the third consecutive month of increase.