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South Korea’s Nov exports fall 4.7% on weak global demand

by ChemOrbis Editorial Team -
  • 02/12/2015 (12:00)
According to media reports, data released by South Korea’s Trade Ministry showed that the country’s exports fell 4.7% on the year to $44.43 billion after declining 15.9% in the previous month. The latest reading indicated the eleventh consecutive decline, although the rate of decline was less drastic than economists’ predictions of a 5.9% fall in exports. November’s reading indicated that weak global trade and a slowdown in the Chinese economy continue to drag down South Korea’s export-led economy.

The data also revealed that imports posted a larger decline of 17.6% from a year earlier to reach $34.07 billion in November following a 16.6% drop in October. Economists had expected to see a decrease of 13% in imports. Accordingly, South Korea’s trade surplus increased to $10.36 billion in November from October’s revised surplus of $6.66 billion.

Meanwhile, Statistics Korea reported that South Korea’s industrial production posted the fastest drop since May in October. Industrial production declined 1.4% on a seasonally adjusted basis, missing Reuters economists’ forecasts that called for a gain of 0.2%. Meanwhile, September’s figure was revised upward to an increase of 2.2% from earlier gain of 1.9%.

On an annual basis, however, South Korea’s factory output climbed 1.5% in October following a revised increase of 2.8% in September. The data also showed that production in the services sector posted a seasonally adjusted increase of 0.2% in October from a month earlier, slower than September’s gain of 1.1%.
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