On Friday, data showed that South Korea’s exports dropped 15.3 percent in the first 10 days of August due to weak sales of chips and petroleum products.
The Korea Customs Service reported that the nation’s exports totaled $13.2 billion during the period between August 1st and 10th, compared to $15.6 billion the same period a year prior.
Imports decreased by 30.5 percent to $16.2 billion, resulting in a trade deficit of $3 billion.
South Korea’s exports have been on a downward trend since October of last year, due to inflationary pressures from major economies and an economic slowdown. This is the first time since 2020 that exports have decreased for nine months in a row.
Containers are stacked at a port in Busan, 320 kilometers south of Seoul, in this file photo taken Aug. 1, 2023. (Yonhap)