South Korea July exports fall at steepest pace in over three years

SEOUL  – South Korea’s exports fell in July more than expected and at the steepest pace in more than three years, trade data showed on Tuesday.

Overseas sales by Asia’s fourth-largest economy fell 16.5 percent year-on-year to $50.33 billion in July, compared with a 6-percent drop in June and a 14.5 percent drop tipped in a Reuters survey of economists.

It was the biggest percentage drop since May 2020 and the 10th consecutive month exports fell in annual terms, the longest period since January 2020.

Imports fell 25.4 percent to $48.71 billion, also steeper than the previous month’s 11.7 percent fall, while economists had expected a 24.6 percent decline.

As a result, the country posted a trade surplus of $1.63 billion in July, wider than the $1.13 billion in June.

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