South Korea's exports fell 17.4 percent on-year in the first 20 days of March, data showed Tuesday, amid the protracted downcycle in the global semiconductor industry.

The country's outbound shipments stood at US$30.9 billion in the March 1-20 period, compared with $37.4 billion a year earlier, according to the data from the Korea Customs Service.

Imports decreased 5.7 percent on-year to $37.3 billion during the period, resulting in a trade deficit of $6.3 billion.

By sector, exports of chips plunged 44.7 percent on-year to reach $4.32 billion. The sector is considered the backbone of Asia's No. 4 economy.

Outbound shipments of petroleum and steel products also dipped 10.6 percent and 12.7 percent, respectively, to $2.9 billion and $2.6 billion.

Overseas sales of automobiles, on the other hand, jumped 69.6 percent to hit $3.45 billion over the period.

By destination, exports to China, South Korea's top trading partner, decreased 36.2 percent to $6.18 billion despite hopes over the reopening of the world's No. 2 economy.

Shipments to the United States, on the other hand, edged up 4.6 percent to $5.6 billion.

Exports to the European Union and Vietnam moved down 8.9 percent and 28.3 percent, respectively.

South Korea's exports from Jan. 1 to Monday dipped 13.4 percent on-year to $127 billion, with its trade deficit reaching $24 billion.

In February, the country's outbound shipments fell 7.5 percent on-year to $50.1 billion as exports of chips dived 42.5 percent over the period.

Exports have logged an on-year fall since October last year amid aggressive monetary tightening by major economies to tame inflation. The country has suffered a trade deficit for 12 straight months.

South Korea announces its full monthly trade balance report on the first day of each month

Source: Yonhap News Agency