Korea’s exports continue sagging, likely end June in 18-straight-month fall

South Korea’s exports continue in downward spiral, recording double-digit contraction in the first 20 months in June to suggest that Korea would extend losing streak in exports for the longest-ever 18 consecutive months.
According to Korea Customs Service the country’s outbound shipments amounted to $25.66 billion in the first 20 days of June, down 12.8 percent from the same period last year. Korea has never had experienced such lengthy setback on the external trade front since exports data was compiled from a half century ago. This year’s accumulated exports up until June 20 amounted to $222.1 billion, down 11.6 percent from the same period last year. The decline was steeper than the 11.5 percent on-year drop in the Jan.- May period.
The customs office said that the fall in exports was largely due to reduced shipments of electronic integrated circuits amid flood of cheaper Chinese products. Exports of electronic integrated circuits in the June 1-20 period plunged 9.1 percent from a year ago. In May, Korea’s exports came to $39.8 billion, down 6 percent from a year ago to register 17-straight-month decline amid prolonged sluggishness in global economy and oil prices.

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