S. Korea's exports down 5.7 pct in Oct., first on-year decline in 2 years

SEOUL, Nov. 1 (Yonhap) -- South Korea's exports logged an on-year decline in October for the first time in two years on sluggish global demand amid high inflation and an economic slowdown, the trade ministry said Tuesday.

The country also suffered a trade deficit for the seventh consecutive month on high global energy prices, sparking concerns over its growth momentum.

Outbound shipments fell 5.7 percent on-year to come to US$52.48 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy.

It was the first time since October 2020 that the country's exports marked an on-year decline.

The country's imports grew 9.9 percent on-year to $59.18 billion in October on high global energy prices, resulting in a trade deficit of $6.7 billion.

Imports have exceeded exports in South Korea since April, and it is the first time since 1995 that the country has suffered a trade deficit for seven months in a row.

South Korea depends on imports for most of its energy needs, and the country's energy imports surged 42.1 percent on-year to $15.53 billion in October, the ministry said.

graceoh@yna.co.kr
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