Dow Jones Newswires: South Korea’s exports fall for first time in two years


By Kwanwoo Jun

South Korea’s exports fell in October for the first time in two years on weak global demand, as the country posted a trade deficit for seven months in a row.

Exports fell 5.7% from a year earlier to $52.48 billion following September’s revised 2.7% rise, according to preliminary data released by the trade ministry in Seoul on Tuesday.

That marked the country’s first year-over-year decline for monthly shipments overseas since October 2020 and showed a sharper drop than market expectations for a 2.1% fall.

Demand for semiconductors and petrochemicals was sluggish, as exports to China, the country’s largest trade partner, declined sharply from a year earlier.

Imports increased 9.9% from a year earlier to $59.18 billion after a 18.6% gain in September, resulting in a trade deficit of $6.70 billion.

Having booked a trade deficit every month since April, South Korea is headed for its first annual trade deficit in 13 years.

Write to Kwanwoo Jun at

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