Seoul, November 01 (QNA) – South Korea’s exports logged an on-year decline in October for the first time in two years on sluggish global demand amid high inflation and an economic slowdown, the South Korean Trade Ministry said Tuesday.
The country also suffered a trade deficit for the seventh consecutive month on high global energy prices, sparking concerns over its growth momentum, according to South Korean (Yonhap) News Agency.
Outbound shipments fell 5.7% on-year to come to $52.48 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy. It was the first time since October 2020 that the country’s exports marked an on-year decline.
The country’s imports grew 9.9% on-year to $59.18 billion in October on high global energy prices, resulting in a trade deficit of $6.7 billion. (QNA)
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