S. Korea's exports fall 16.6% y/y to US$ 10.3 bil. in first 10 days of June
- 5 years ago
South Korea's exports plunged by double digits in the first ten days of June.
Data by the Korea Customs Service show outbound shipments between June 1st to 10th tumbled 16-point-six percent on-year to a little over 10 billion U.S. dollars.
The sharp fall comes on plunging chip exports which plummeted nearly 31 percent.
Exports to China, South Korea's number one trading partner, also shrank 27 percent on-year.
Already, exports have fallen for six consecutive months since last December amid slowing global growth and the escalating U.S.-China trade spat.
In a separate report Tuesday, the Bank of Korea said the correlation between global trade and South Korea's economic growth is not as clear cut.
However, it added falling global demand and rising global oil prices could hurt South Korea's terms of trade, driving down its current account balance.
Data by the Korea Customs Service show outbound shipments between June 1st to 10th tumbled 16-point-six percent on-year to a little over 10 billion U.S. dollars.
The sharp fall comes on plunging chip exports which plummeted nearly 31 percent.
Exports to China, South Korea's number one trading partner, also shrank 27 percent on-year.
Already, exports have fallen for six consecutive months since last December amid slowing global growth and the escalating U.S.-China trade spat.
In a separate report Tuesday, the Bank of Korea said the correlation between global trade and South Korea's economic growth is not as clear cut.
However, it added falling global demand and rising global oil prices could hurt South Korea's terms of trade, driving down its current account balance.