SEOUL, May 1 (Xinhua) -- South Korea's export kept falling for five straight months through April as a downturn in business cycle of the semiconductor industry led to lower chip price, a government report showed Wednesday.
Export, which accounts for about half of the export-driven economy, amounted to 48.86 billion U.S. dollars in April, down two percent from a year earlier, according to the Ministry of Trade, Industry and Energy.
The export continued to decline for five months since December last year, but the falling pace got slow compared with an 8.2 percent reduction in March.
Import increased 2.4 percent over the year to 44.74 billion dollars in April, sending the trade surplus to 4.12 billion dollars. The trade balance stayed in black for 87 months in a row.
The government submitted the supplementary budget bill worth 6.7 trillion won (5.8 billion U.S. dollars) last month to the National Assembly to reinvigorate the lackluster export-driven economy.
The passage of the extra budget plan was forecast to be delayed on the ongoing wrangling in the parliament over the amendment of an election law that can be enforced in the parliamentary election next April.
The export fall came as the chip price tumbled 52.2 percent last month in the aftermath of the global chip industry entering a downward phase of business cycle. Chip export reduced 13.5 percent in April from a year ago.
Petrochemical product shipment shed 5.7 percent last month on weak global demand and an oversupply from the United States. Oil product export slipped 2.6 percent.
Steel export declined 7.7 percent as the European Union (EU) and the United States tightened import regulations.
Shipment of display panels reduced 9.2 percent on lower panel price, caused by a supply glut, which offset a higher demand for organic light-emitting diodes (OLED).
Car parts shipment inched down last month, and demand for telecommunication devices such as smartphone shed four percent on soft demand for electronic parts.
Export for home appliances dipped 1.3 percent on stiffer competition in the global TV market that offset a robust demand for locally-manufactured washing machines.
However, auto export rebounded last month, after falling 8.6 percent a year earlier, due to the launch of new models and solid demand for high-priced sports utility vehicle (SUV) and electric vehicle.
Ship export soared 53.6 percent on rising demand for very large crude carrier (VLCC) and liquified natural gas (LNG) carrier.
General machinery export inched up last month on recovery in the U.S. construction industry, and shipment in the bio-healthcare sector kept rising for the third consecutive month.
Secondary battery export continued to grow for 31 straight months on demand from the EU and the United States.
By region, export to China, South Korea's biggest trading partner, declined 4.5 percent in April from a year earlier, keeping a downward momentum for the sixth consecutive month.
Shipment to the United States kept growing for the seventh consecutive month on strong demand for locally-made car, general machinery and telecommunication devices.
Export to India continued to rise for eight months in a row owing to demand for chip, car parts and textile products.
Shipment to the Central and Latin American countries maintained an upward momentum for two straight months on demand for oil product, general machinery and display panels.
