SEOUL :South Korea's exports fell for a seventh straight month in April for their longest losing streak in three years, driven by an extended slump in sales to China and suggesting persistent pressure on the economy from frail global demand.The downturn comes despite the reopening of the Chinese economy - a m
SEOUL :South Korea's exports fell for a seventh straight month in April for their longest losing streak in three years, driven by an extended slump in sales to China and suggesting persistent pressure on the economy from frail global demand.
Overseas sales by Asia's fourth-largest economy fell 14.2 per cent year-on-year to $49.62 billion in April, trade ministry data showed on Monday, after a 13.6 per cent fall in February and compared with a 13.5 per cent drop tipped in a Reuters survey. A breakdown of the data showed exports to China tumbled 26.5 per cent for their 11th consecutive month of declines, while those to the United States fell 4.4 per cent in their first shrinking month in three. Shipments to the European Union rose 9.9 per cent.
The trade ministry said in a statement that the fall was due to a delay in global economic recovery and weakness in the semiconductor industry, while there were also fewer working days and high base effects.
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