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S. Korea’s exports slump on petchem plant turnarounds in May

by ChemOrbis Editorial Team -
  • 02/06/2015 (15:04)
According to media reports, South Korea’s exports slumped 10.9% in May, posting the fifth consecutive monthly decrease. The decrease was attributed to due to globally weak demand as well as the heavy turnaround season for petrochemical and petroleum facilities. The country’s May exports recorded their steepest fall in nearly six years.

Exports to China decreased more than 3% while exports to US fell over 7%. Analysts commented that the latest data showed that March’s rate cut was not sufficient to boost the country’s economy, indicating that the central bank may consider further rate cuts. However, South Korea’s Trade Ministry expects exports to increase in June.

Imports, meanwhile, fell 15.3% to $36.07 billion in May. Accordingly, the country’s trade surplus reached $6.32 billion.
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