Exports from South Korea declined by 11.1 percent year-on-year to USD 39.56 billion in February 2019, missing market expectations of a 10.8 percent fall and following a 5.8 percent drop in the previous month. It marked the third straight month of decrease in outbound shipments and the steepest since April 2016, amid ongoing Sino-US trade conflict and lower oil prices. Sales of memory chips tumbled 24.8 pct, as global demand for smartphone slowed and major tech firms postponed purchases. Also, exports dropped for petrochemicals (-14.8 pct), amid a decline in crude oil prices. Meantime, sales of ships slumped 46.5 percent. The sharp decline of orders in 2016 continued to exert a negative impact, as takes around two to three years build exports ships. Exports to China, South Korea's top trading partner, contracted 17.4 pct while those to EU dropped 8.5 percent. In contrast, outbound shipments to the US grew for fifth straight month. Exports in South Korea averaged 14357.11 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 49100.00 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 51800.00 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.