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