South Korea’s exports contracted for a second straight month in November on sluggish international demand.
Exports fell 14% from a yr earlier to $51.91 billion following a 5.7% decline in October, in accordance with preliminary knowledge launched by the commerce ministry in Seoul on Thursday.
The autumn in exports was steeper than the market expectation for a ten.5% drop.
Shipments to China, the nation’s largest commerce companion, fell sharply from a yr earlier as demand for semiconductors, petrochemicals and smartphones remained sluggish.
Imports rose 2.7% from a yr earlier to $58.93 billion, after October’s 9.9% acquire, leading to a commerce deficit of $7.01 billion.
South Korea is headed for its first annual commerce deficit since its monetary disaster in 2008.
