On Monday, data revealed that South Korea’s exports decreased by 7.9 percent year-on-year in the first 10 days of September due to weak sales of chips and petroleum products.
Figures from the Korea Customs Service indicated that the nation’s outbound shipments reached $14.9 billion between September 1 and 10, in comparison to the $16.1 billion recorded in the same period last year.
Imports fell 11.3 percent year-on-year to $16.5 billion over the same period, resulting in a trade deficit of $1.64 billion.
August saw a decline in South Korea’s exports for the 11th consecutive month, mainly due to weak demand for semiconductors and petroleum products, yet the country still reported a trade surplus for the third month in a row.
Since October last year, exports have been on a steady downward trend due to aggressive monetary tightening by major economies to suppress high inflation and an economic slowdown. This is the first time since 2020 that exports have dropped for 11 months consecutively.
Containers are being unloaded from ships at a port in the southeastern city of Busan in this file photo taken on Sept. 1, 2023. (Yonhap)
colin@yna.co.kr
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