By Kwanwoo Jun
South Korea’s exports fell, on an on-year basis, for a seventh consecutive month in April on weak global demand, their longest losing streak in more than three years.
Exports declined 14.2% from a year earlier to $49.62 billion, following a 13.6% drop in March, according to preliminary data released by the country’s trade ministry on Monday.
The pace of the decline in exports was steeper than expected, as the median market forecast was for a 13.6% fall for April.
Shipments of semiconductors, which account for one fifth of the country’s total exports, dropped 41% from a year earlier, and exports to the country’s largest trading partner, China, fell 27% on year, the data showed.
Imports dropped 13.3% from a year earlier to $52.23 billion in April, resulting in a trade deficit of $2.62 billion.
The country’s trade balance remained in a deficit for a 14th straight month in April.
Write to Kwanwoo Jun at [email protected]