Xinhua, Seoul :
South Korea’s exports turned downward in September after rebounding in the previous month due to labor strikes in major automakers and Samsung Electronics’ global recall of its new flagship Galaxy Note 7 smartphone, a government report showed on Saturday.
Exports, which account for about half of the economy, amounted to 40.9 billion U.S. dollars in September, down 5.9 percent from the same month of last year, according to the Ministry of Trade, Industry and Energy (MOTIE).
It was a downturn after rebounding in August for the first time in 20 months as key carmakers, including Hyundai Motor, Kia Motors and GM Korea, went on partial strikes.
The ministry said labor strikes among the automakers reduced exports by 1.14 billion dollars, or 2.6 percentage points, last month.
Samsung’s global recall of about 2.5 million Note 7 smartphones also contributed to the export downturn. Hundreds of the phones were globally reported to have caught fire while charging due to faulty battery cell.
Imports dipped 2.3 percent from a year earlier to 33.8 billion dollars in September, sending the trade surplus to 7.1 billion dollars.
The trade balance stayed in black for 56 months since February 2012, but it was a so-called recession-type surplus as both exports and imports declined amid economic slowdown.
South Korea’s exports turned downward in September after rebounding in the previous month due to labor strikes in major automakers and Samsung Electronics’ global recall of its new flagship Galaxy Note 7 smartphone, a government report showed on Saturday.
Exports, which account for about half of the economy, amounted to 40.9 billion U.S. dollars in September, down 5.9 percent from the same month of last year, according to the Ministry of Trade, Industry and Energy (MOTIE).
It was a downturn after rebounding in August for the first time in 20 months as key carmakers, including Hyundai Motor, Kia Motors and GM Korea, went on partial strikes.
The ministry said labor strikes among the automakers reduced exports by 1.14 billion dollars, or 2.6 percentage points, last month.
Samsung’s global recall of about 2.5 million Note 7 smartphones also contributed to the export downturn. Hundreds of the phones were globally reported to have caught fire while charging due to faulty battery cell.
Imports dipped 2.3 percent from a year earlier to 33.8 billion dollars in September, sending the trade surplus to 7.1 billion dollars.
The trade balance stayed in black for 56 months since February 2012, but it was a so-called recession-type surplus as both exports and imports declined amid economic slowdown.
