By Kwanwoo Jun
South Korea’s exports fell at a faster pace in March, logging a sixth consecutive month of contraction on sluggish demand.
Exports declined 13.6% from a year earlier to $55.12 billion, following a 7.5% drop in February, according to preliminary data released by the country’s trade ministry on Saturday. The median market forecast was for a 17.9% decline for March.
Shipments of semiconductors, which account for one fifth of the country’s total exports, dropped 35% from a year earlier in March on lower memory-chip prices and weaker demand, the data showed.
Exports to the country’s largest trading partner, China, also fell 33% on year in March.
Imports dropped 6.4% from a year earlier to $59.75 billion, resulting in a trade deficit of $4.62 billion in March.
South Korea’s trade balance has remained in the red since March 2022.
Write to Kwanwoo Jun at [email protected]
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