Exports from South Korea declined by 5.8 percent year-on-year to USD 46.35 billion in January of 2019, following a 1.3 percent fall in a month earlier while markets had expected a 7 percent drop. It marked the second straight month of decrease in outbound shipments and the steepest since September 2018, amid ongoing trade conflict between China and the US and lower cost of oil and semiconductors. Sales of memory chips tumbled 23.3 pct, as global tech firms postponed purchases for inventory control purposes. Also, exports dropped for petrochemicals (-5.3 pct) and petroleum products (-4.8 pct), amid a decline in crude oil prices. Conversely, exports grew for secondary batteries (14.5 percent), automobile (13.4 pct), steel products (3.3 pct), and machinery (1.7 pct). Exports to China, South Korea's top trading partner, contracted 19.1 pct. In contrast, outbound shipments grew to the US (20.4 pct), the EU countries (11.9 pct) and the ASEAN countries (6.4 pct). Exports in South Korea averaged 14318.06 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.