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South Korea’s exports post steepest fall in six years in Jan

by ChemOrbis Editorial Team -
  • 01/02/2016 (13:51)
According to media reports, data released by South Korea’s Trade, Industry and Energy Ministry showed that the country’s exports fell for a 13th consecutive month in January, tumbling 18.5% on the year to $36.7 billion and exceeding analysts’ forecasts of a 10.8% drop. The figure indicates the sharpest fall since August 2009, when shipments fell 20.9%.

South Korea’s decline in export activities were attributed to a slowdown in the Chinese economy, weaker global demand and plunging oil prices. The country’s imports, meanwhile, posted a larger decline of 20.1% from a year earlier following a 19.2% fall in December. Analysts’ estimations had called for a 15.1% drop.

The ministry reported that South Korea’s 2015 exports fell 8%, the first yearly contraction in three years while the economy grew 2.6%, slower than the previous year’s growth of 3.3%.
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