South Korea exports accelerated decline
2023.01.21 02:46
South Korea exports accelerated decline
By Ray Johnson
Budrigannews.com – According to customs data released on Saturday, South Korea’s exports decreased by 2.7% for the first 20 days of January compared to the same period a year earlier, but the decline was less rapid than that recorded in December.
As global demand cooled following a wave of aggressive policy tightening to contain inflation, South Korean exports fell 9.0% year-over-year for the first 20 days of December and 9.6% for the entire month.
According to data from the Korea Customs Service, exports to China decreased by 24.4% over the first 20 days of January, while shipments to the United States increased by 18.1%.
Over the period of January 1 to 20, imports increased by 9.3% year-over-year, bringing South Korea’s trade deficit to $10.26 billion.
The trade deficit for December was $4.69 billion.
After a 6.1% increase in 2022, the government of South Korea anticipates that overseas sales will decrease by 4.5 percent in 2023. However, the trade ministry has pledged to do everything in its power to boost exports.
