Thursday, 26 January 2023 08:33

South Korean exports continue falling in January

SEOUL, South Korea: Korea Customs Service data released this week showed that South Korean exports for the first 20 days of January fell 2.7 percent from 2022.

However, this pace was still slower than that recorded in December, when South Korean exports fell 9.0 percent year-on-year during the first 20 days and declined 9.6 percent for the full month due to cooling global demand caused by aggressive policy tightening aimed at curbing inflation.

During the first 20 days of January, exports to China dropped by 24.4 percent and those to the US increased by 18.1 percent, while imports during the same period rose by 9.3 percent year-on-year, bringing South Korea’s trade deficit to $10.26 billion, the data showed.

In December, the country’s trade deficit was $4.69 billion.

After a 6.1 percent gain in 2022, the South Korean government predicts overseas sales in 2023 to fall 4.5 percent, but the trade ministry pledged to achieve growth in exports.