1st December 2022 – (Seoul) South Korea’s export recorded a double-digit fall last month, leading to trade deficits for the eighth consecutive month, government data showed Thursday.
Export, which takes up about half of South Korea’s export-driven economy, plunged 14.0 percent from a year earlier to 51.91 billion U.S. dollars in November, according to the Ministry of Trade, Industry and Energy.
The outbound shipment kept sliding for the second straight month after reducing 5.7 percent in October, the first export decrease in two years since October 2020.
Import rose 2.7 percent to 58.93 billion dollars in November, sending the trade deficit to 7.02 billion dollars.
The trade balance has stayed in red since April on the back of higher energy import cost and sluggish export.