South Korea's exports have experienced a continuous decline for the 10th consecutive month in July due to sluggish global demand. However, the country has managed to maintain a trade surplus, mainly due to a significant drop in imports.
According to preliminary data released by the country's trade ministry on Tuesday, exports have fallen by 16.5% from a year earlier, reaching $50.33 billion. This decline follows a 6.0% drop in June and exceeds the median market forecast of a 14.5% contraction in July.
In contrast, imports have plummeted by 25.4% from a year earlier, amounting to $48.71 billion in July. As a result, South Korea has achieved a trade surplus of $1.63 billion, marking the second consecutive month of being in the black. This comes after a 15-month period of trade deficits that ended in June.
The weaker-than-expected July data from South Korea, which is considered a bellwether for global trade, indicates a slow recovery in demand and world commerce.
The trade data shows that shipments of semiconductors and petroleum products have declined by 34% and 42% respectively compared to the previous year. Additionally, the exports of petrochemicals and steel products have also dropped by 25% and 10% respectively.
Furthermore, exports to China, South Korea's largest trade partner, have continued to fall in July.
Overall, these figures highlight the ongoing challenges faced by South Korea's export sector amidst subdued global demand.
Our Latest News
UAW President Shawn Fain to address union members in ongoing strike, potential announcement of new strike targets. Impact on market and stock performance analyz...
Asian stock markets decline on U.S. inflation rise. Traders hopeful for controlled inflation and no more interest rate hikes. Wall Street sees modest gains. U.S...
This article discusses the recent Hamas attack on Israel and its symbolism, as well as its impact on oil prices and global reliance on OPEC oil. It also explore...