Exports from South Korea declined by 9.4 pct year-on-year to USD 45.91 billion in May 2019, worse than market consensus of a 5.6 pct drop and much faster than a 2.0 pct fall in April. It marked the sixth straight month of contraction in overseas sales, amid weakening global demand and the prolonged Sino-US trade row well as Brexit uncertainties. Sales of semiconductors tumbled 30.5 pct. In addition, exports of petrochemicals shrank 16.2 pct. On the other hand, sales of ships jumped 44.5 pct. At the same time, shipments of machinery grew 5 pct, with auto exports increasing 13.6 pct. Also, exports rose for rechargeable batteries, electric cars, and organic light-emitting diode (OLED) displays. Exports to China, the largest trading partner for Asia's fourth-largest economy, nosedived 20 pct, the steepest yearly fall since January 2016. Also, sales to the EU fell 12.6 pct. In contrast, outbound shipments to the US advanced 6 pct, led by higher sales of automobiles and home appliances. Exports in South Korea averaged 14510.69 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 50300.00 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 49000.00 in 12 months time. In the long-term, the South Korea Exports is projected to trend around 51700.00 USD Million in 2020, according to our econometric models.