South Korea exports contract for seventh month, longest streak in 3 years

SEOUL  – South Korea’s exports fell for a seventh straight month in April in annual terms, data showed on Monday, marking their longest losing streak in three years and suggesting persistent pressure on the economy from frail global demand.

Overseas sales by Asia’s fourth-largest economy fell 14.2 percent year-on-year to $49.62 billion in April, the trade ministry data showed, after a 13.6-percent fall in February and compared with a 13.5-percent drop tipped in a Reuters survey.

Imports in April fell 13.3 percent to $52.23 billion following a 6.4- percent fall in March, also faster than the 10.6-percent decline expected by economists.

As a result, the country posted a trade deficit of $2.62 billion in April, the 14th month in a row that the export-reliant economy suffered monthly trade deficit.

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