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South Korea’s August exports show sharpest drop in six years

by ChemOrbis Editorial Team -
  • 01/09/2015 (16:22)
South Korea’s exports recorded the sharpest decline in six years in August due to a slump in shipments to China and the eurozone, according to media reports. Exports slumped 14.7% from a year earlier in August to $39.33 billion, declining for the eighth month in a row. South Korea’s shipments to China and the eurozone fell 8.8% and 20.8%, respectively, from a year earlier.

Imports, meanwhile, declined 18.3% to $34.98 billion in August compared with the same month of 2014. Accordingly, the country’s trade surplus narrowed to $4.35 billion in August from the previous month’s revised surplus of $7.72 billion.

The latest data released by the Ministry of Trade, Industries and Energy also showed that shipments of cars, petrochemical products, ships, steel, machinery and other goods, except for cell phones and computer chips, declined to nearly all export destinations. Government officials reportedly said that the drop in oil prices, which dragged down the value of petrochemical and refined oil products, was a major factor contributing to the overall weakness in August exports.
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