November 02, 2022 10:59
Korea's exports last month declined for the first time since the height of the coronavirus pandemic in October 2020.
Key exports like semiconductors and petrochemical products shrank as Asia's fourth-largest economy suffered a record trade deficit.
The Ministry of Trade, Industry and Energy on Tuesday said exports fell 5.7 percent on-year in October to US$52.48 billion. The first on-year fall in two years was attributed to declining prices of semiconductors, and an economic slowdown in China, Korea's biggest trade partner.
Korea's export growth slowed to the single digits in June for the first time in 14 years.
Korea has seen a trade deficit for seven months running, the longest period in 25 years and is expected to suffer its first annual trade deficit in 14 years this year.
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