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S. Korea's exports plunge 12.2 pct to US$36.4 bln in Feb.

All News 09:00 March 01, 2016

SEJONG, March 1 (Yonhap) -- South Korea's exports extended its losing streak to 14 straight months by plunging 12.2 percent from a year earlier in February due to waning global demand, the government said Tuesday.

The country's overall outbound shipments reached US$36.4 billion last month, compared to $41.5 billion from a year ago, according to the Ministry of Trade, Industry and Energy. The February decline narrowed from January's 18.8 percent, the largest on-year fall since August 2009.

Exports have been on a steady decline since the first month of 2015 due to weak overseas demand amid a global economic slowdown and low oil prices.

For the first two months of the year, exports fell 15.6 percent on-year to $73 billion.

Meanwhile, imports also tumbled 14.6 percent on-year to $29 billion last month.

The country's trade surplus came to $7.4 billion, slightly down from a surplus of $7.5 billion in the same month of last year.

February marked the 49th consecutive month Asia's fourth-largest economy has posted a trade surplus.


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