South Korea has recorded its first quarter level of exports, and they've shared that exports from the country has decreased by 12.6 percent. The biggest contributor to this decrease was an overall decrease in intermediate goods exports to China, Taiwan, Vietnam, and Hong Kong.
The first quarter exports totaled to $151.5 billion, with imports totaling to $174 billion--a year-on-year decrease of 2.2 percent. Additionally, SK's trade deficit was $12.5 billion in January, $5.2 billion in February, $4.6 billion in March, and $4.1 billion for the first 20 days of April.
The cause of SK's complacent performance has been due to a decrease in semiconductor exports to the respective countries. However, the boom in the semiconductor industry has been declining and low competitiveness in levels of many other sectors are emerging as a serous problem.
Article link: http://www.businesskorea.co.kr/news/articleView.html?idxno=113575
I am curious to see how South Korea will approach their problem of exports and how they might try to fix competitiveness in these other sectors.
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