The FINANCIAL — South Korea’s exports shrank for an 11th consecutive month in November on sluggish global demand, but the pace of falling shipments moderated from the previous month, according to provisional data from the Ministry of Trade, Industries and Energy.
Exports dropped 4.7% from a year earlier to $44.43 billion, following a revised 15.9% fall in October, the data showed. The November reading compares with the market’s expectation of a 5.9% drop, according to Nasdaq.
Slumping shipments are a worry for South Korea’s export-led economy. Half of the country’s output growth comes from exports, but sluggish global trade and a slowdown in China are taking a toll.
Imports plunged 17.6 % from a year earlier to $34.07 billion in November, following a 16.6% decline in October. The markets had forecast a 13% drop in November.
The trade surplus widened to $10.36 billion in November from the previous month’s revised $6.66 billion. The November reading compares with the market projection of a $6.98 billion surplus.
The trade balance has been in the black since February 2012.
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