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South Korea’s exports fall 8.2% on year in March

by ChemOrbis Editorial Team -
  • 01/04/2016 (14:55)
According to preliminary data released by South Korea’s Ministry of Trade, the country’s exports fell 8.2% on the year to $43 billion in March as weak global demand, lower oil prices and slowing Chinese economy continued to drag down the country’s trading activities.

Exports of oil products and petrochemicals slumped 41.6% and 9%, respectively due to lower oil prices while display panel shipments posted a double-digit fall amid lower product prices and ship exports also declined 28.9%.

South Korea’s exports to the European Union climbed 12.7% due while shipments to Vietnam and India rose more than 11% in line with higher demand for chips and mobile phones. However, shipments to China declined 12.2% on the year in following a decrease of 12.9% in February.

Imports, meanwhile, fell 13.8% year over year to $33.2 billion in March, declining at a slower pace than economists’ expectations of a 15.3% drop. The data also revealed that South Korea’s trade surplus widened to $9.82 billion in March from $7.39 billion in the preceding month.
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