Exports from South Korea declined by 13.5 pct year-on-year to USD 44.18 billion in June 2019, worse than market consensus of a 12 pct drop and faster than an upwardly revised 9.5 pct fall in May. It marked the seventh straight month of contraction in overseas sales, amid weakening global demand and the prolonged Sino-US trade row. Sales of semiconductors tumbled 25.5 pct, due to a fall in prices of memory chips, coupled with the weaker demand for smartphone around the world. In addition, exports of petrochemicals shrank 24.5 pct. On the other hand, sales of ships surged 46.4 pct. Also, exports of cars rose 8.1 pct Exports to China, the largest trading partner for Asia's fourth-largest economy, slumped 24.1 pct, the steepest yearly fall since May 2009, when exports dropped by 25.6 pct. Also, sales to the EU declined 3.1 pct, due to the sluggish economy of Germany. In addition, outbound shipments to the US decreased 2.5 pct, led by lower sales of chips and mobile devices Exports in South Korea averaged 14510.69 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 51700.00 USD Million in 2020, according to our econometric models.