South Korean steel products’ export in June dropped by 19pc to $2.94bn from June 2019 amid weak demand and production cuts due to COVID-19 pandemic. In Jan-June period, steel exports dipped by 16pc to $18.91bn from the same period prior year, according to data from Korean Customs department.
In June, the country’s overall exports in terms of value decreased by 10.9pc from prior year period month to $39.2bn, while imports declined by 11.2pc to $35.6bn.
South Korea’s passenger car exports dropped by 32.8pc in June to $2.37bn from a year ago, while exports in the first six months of year dipped by 26.1pc to $14.98bn from the prior year period. Auto parts exports declined by 44.7pc to $914mn in June from same period last year and for H1 the decline was 28.2pc to 7.82bn from H1, 2019.
Ship exports declined by 28.9pc in June to $1.34bn from the prior June, while for the Jan-June period vessels exports dropped by 12.6pc to $9.43bn from the prior year period in terms of value.
South Korean steelmakers are struggling with weak domestic steel demand and exports. Many major steel mills have cut production and are engaged in plant maintenance and upgrades amid the slump in steel demand. South Korean ferrous scrap import volumes have dropped sharply in July as mills with sufficient scrap inventories stayed away from the US, Russia and Japan-origin bulk trades.