South Korea

Food & Beverages

01-09-2020

S. Korea's export falls 9.9 pct in August

SK

South Korea's export fell for the sixth straight month to August, but it kept a single-digit slide for two months, a government report showed Tuesday.

Export, which accounts for about half of the export-driven economy, shrank 9.9 percent from a year earlier to 39.66 billion U.S. dollars in August, according to the Ministry of Trade, Industry and Energy.

The outbound shipment continued to fall for six straight months since March, but it slowed down from declines of 25.6 percent in April, 23.8 percent in May, 10.8 percent in June and 7.1 percent in July respectively.

It came as global demand partially recovered amid the reopening of businesses in major economies after shutdowns on worry about the COVID-19 pandemic.

Import slipped 16.3 percent over the year to 35.54 billion dollars in August, sending the trade surplus to 4.12 billion dollars. The trade balance stayed in black for the fourth consecutive month.