South Korea’s exports slowed sharply in June, partly due to fewer business days but also as a result of softer global demand as the country ran a trade deficit for a third straight month.
Overseas shipments rose 5.4 percent from a year earlier to $57.73 billion after rising 21.3 percent in May, Commerce Department data showed.
Market estimates had called for an increase of 1.2%.
Exports of vehicles, auto parts and machinery declined, while those of semiconductors, petrochemicals and steel products maintained their upward trend.
Deliveries to China, the country’s biggest trading partner, fell year-on-year in June, as did exports to the Commonwealth.
Imports rose 19.4% to $60.20 billion after rising 32% in May on higher energy prices, leading to a trade deficit of $2.47 billion in June, up from $1.71 billion last month.
In the first half of the year, the country posted a trade deficit of $10.3 billion, and is on track to post its first deficit since the 2008 crisis.
Source: Capital
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