SEOUL, Jan 14: South Korea revised its exports in December to a decline of 5.7 percent from a year earlier from initial estimates of a 5.5 percent drop, customs data showed on Monday, underscoring how global demand has yet to fully recover.
Imports by Asia’s fourth-largest economy in December also fell 5.2 percent from a year ago, compared with a 5.3 percent decline initially estimated by the Ministry of Knowledge Economy on Jan. 1.
Exports to the crisis-hit European Union in December fell 8.4 percent from a year earlier, while those to China rose by 2.7 percent. Shipments to the United States shrank by 0.9 percent last month year-on-year.
Some of the weakness in last month’s trade figures are due to fewer working days compared with a year earlier, however. Average value of exports per working day stood at a revised $2.09 billion, higher than $1.99 billion in November and $1.95 billion in December 2011.
For all of 2012, South Korean exports fell 1.3 percent while imports fell 0.9 percent – same as the preliminary estimates. The Ministry of Knowledge Economy projects 2013 exports to grow 4.1 percent and for imports to grow 5.0 percent.
Following are South Korea’s revised foreign trade figures for December, released by the Korea Customs Service (rounded):
(AGENCIES)
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