South Korea's Exports of Industrial Parts and Materials Fall in Q1-Q3

South Korea's exports of industrial parts and materials slipped slightly from a year earlier in the first nine months of the year amid weak global demand and low oil prices, the Korean Trade Ministry said Tuesday.

    Outbound shipments of industrial parts and materials dropped 6.9% on-year to US$185.7 billion in the January-September period, accounting for a record 51.1% of the country's overall exports, according to the Ministry of Trade, Industry and Energy.

    Imports also fell 6.5% on-year to $112.8 billion over the nine-month period, with the country posting a trade surplus of $72.9 billion in the sector, South Korea's News Agency (Yonhap).

    For the third quarter alone, the sector posted a 2.1% annual decline in exports to reach $64.1 billion and saw its imports retreat 2.9% to $38.6 billion. Shipments to most regions declined on sluggish global demand, the ministry said. 

    Exports of industrial components and materials to China sank 13.2% on-year to $60.4 billion and those to the Middle East tumbled 18.2% to $8.1 billion through September, while exports to the United States inched down 0.5% to $20.3 billion over the cited period.