(3rd LD) S. Korea's exports drop 11.2 pct on-year in April

(ATTN: UPDATES with more details, additional information in paras 7-12)

SEOUL, May 1 (Yonhap) -- South Korea's exports continued to shrink from a year earlier last month, but it was largely due to a cut in the number of working days, the government said Sunday.

Outbound shipments came to US$41 billion in April, down 11.2 percent from the same month last year, according to the Ministry of Trade, Industry and Energy.

The rate marks an acceleration from an 8.2 percent on-year cut in March. April also marks the 16th consecutive month of an on-year drop.

The cut, however, was mostly attributed to a drop in the number of working days in April from a year earlier.

"The average amount of exports on working days in April reached a five-month high of $1.82 billion," the ministry said in a press release.

"Considering various factors, such as the cut in the number of working days that led to a drop in overall exports, conditions for South Korean exports cannot be said to have deteriorated in April."

The drop in overall exports was also attributed to a cut in export prices caused by low global oil prices.

In April, the country's overall exports, in terms of sheer volume, gained 5.5 percent from a year earlier. Export prices, on the other hand, plunged 15.8 percent on-year, the trade ministry said.

By country, shipments to the 10 member countries of the Association of Southeast Asian Nations rose 7.1 percent from a year earlier, while shipments to the United States slipped 6.6 percent on-year.

Exports to China, the world's single largest importer of South Korean goods, plunged 18.4 percent, again reflecting China's own sluggish consumption and exports. South Korean exports to China have dropped for 10 consecutive months since July 2015, according to the ministry.

By product, exports of ships spiked 25.2 percent on-year in April, with shipments of mobile communication devices, such as cellular phones, growing 3.2 percent.

Shipments of semiconductors, on the other hand, tumbled 11.5 percent, with those of petroleum and petrochemical products plunging 10.8 percent and 14.5 percent on-year, respectively.

Imports plunged 14.9 percent to $32.2 billion, dropping for the 16th consecutive month.

The trade surplus came to $8.8 billion in April. South Korea has posted a trade surplus for 51 straight months since February 2012.

bdk@yna.co.kr
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