The FINANCIAL — South Korea’s exports fell more sharply than expected in August—the eighth consecutive month of declining shipments overseas—according to provisional data from the Ministry of Trade, Industries and Energy, according to Nasdaq.
Exports shrank 14.7% from a year earlier to $39.33 billion, following a revised 3.4% decline in July, the data showed. The August reading missed the market expectation for a 10% decrease.
Korea’s exports, which account for half of the country’s output growth, have been suffering from sluggish global demand amid China’s slowdown and the eurozone’s frail recovery.
Imports also plunged 18.3% from a year earlier to $34.98 billion in August, following a 15.3% decline in July. The markets had expected a 14.7% drop in August.
The trade surplus narrowed to $4.35 billion in August from the previous month’s revised $7.72 billion. The August reading is less than the market projection of a $6 billion surplus.
The trade balance has been in the black since February 2012.
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