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