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South Korea’s exports fall 12.2% in February

by ChemOrbis Editorial Team -
  • 01/03/2016 (11:47)
According to media reports, preliminary data released by South Korea’s Ministry of Trade, Industries and Energy showed that the country’s exports fell 12.2% to $36.42 billion in February due to weak global demand, lower oil prices and the slowing Chinese economy. However, the February data showed that exports fell at a slower pace than economists’ expectations, which called for a decrease of 14.9%.

South Korea’s shipments to China dipped 12.9% in February on the year after declining 21.6% in January. Some economists reported that they expect to see further declines in the country’s exports due to higher volatility in global financial markets and emerging markets.

The data also revealed that South Korea’s imports posted a larger decline of 14.6% on the year to $29.02 billion in February, bringing the trade surplus to $7.39 billion in February from the previous month’s revised $5.2 billion. Economists expected to see a decrease of 15% in February’s imports data while the February trade surplus beat economists’ projections, which called for a $6.67 billion surplus.
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