Back-to-back Declines

The year-on-year decrease of exports had reached 18.9% in January this year, which had been reduced to 12.2% in February and 8.1% in March, but is estimated to increase in April.
The year-on-year decrease of exports had reached 18.9% in January this year, which had been reduced to 12.2% in February and 8.1% in March, but is estimated to increase in April.

 

The Ministry of Trade, Industry & Energy announced on May 1 that South Korea’s total exports are estimated to have decreased by 11.2% from a year ago to US$41 billion last month.

The year-on-year decrease had reached 18.9%, a 77-month high, in January this year. It had been reduced to 12.2% in February and 8.1% in the following month, but the estimated amount increased in April. Besides, the back-to-back decline in monthly exports continued for 16 months, a new record. The previous record had been 13 months between March 2001 and March 2002.

South Korea’s total imports for last month decreased by 14.9% from a year earlier to US$32.2 billion as well.

Both the exports and the imports fell for the 16th consecutive month in April this year, when the trade account surplus of South Korea totaled US$8.8 billion to remain in the black for 51 months in a row. 

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