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

SEOUL (Reuters) – 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% year-on-year to $49.62 billion in April, the trade ministry data showed, after a 13.6% fall in February and compared with a 13.5% drop tipped in a Reuters survey.

Imports in April fell 13.3% to $52.23 billion following a 6.4% fall in March, also faster than a 10.6% 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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