International News

South Korea's Exports Fall For 10th Straight Month

Author : Bozhou Marine

Update time : 2023-08-14 14:39:37

South Korea's Ministry of Trade, Industry and Energy said the drop in exports in July was due to continued sluggish demand for semiconductors, weaker oil prices and a high base last year. According to the data, the export value of South Korea's main export chip in July fell by 34% year-on-year, which was negative growth for 12 consecutive months. In the first half of this year, South Korea's semiconductor exports were US$43.93 billion, down 36.8% year-on-year.

South Korea's imports fell 25.4% year-on-year to $48.71 billion in July, leading to a $1.63 billion trade surplus for the month, the data showed. According to the report, although South Korea's exports have fallen for 10 consecutive months, imports have fallen even more due to lower prices of energy and raw materials. South Korea's trade balance has maintained a surplus for two consecutive months.

In June, South Korea reported its first trade surplus in 16 months. Previously, the country suffered its longest trade deficit since 1997 between March 2022 and May 2023 due to high energy prices.

South Korea has a certain influence on the global economy and trade. South Korea is one of the world's major exporting countries. The weakening of its export industry has not only caused economic difficulties for itself, but also has a certain impact on South Korea's trading partners. South Korea's economic difficulties could lead to volatility in global markets, especially for South Korea's closely tied trading partners. In addition, South Korea is also a major production location and part of supply chains for many multinational companies, and the instability of the South Korean economy may have knock-on effects on these companies and global supply chains.

www.bozhou-int.com | Marine Light

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