Exports down 16.1 pct during first 20 days of May
SEOUL, May 22 (Yonhap) -- South Korea's exports fell 16.1 percent on-year in the first 20 days of May, data showed Monday, due to a prolonged slump in the global chip industry.
The country's outbound shipments stood at US$32.4 billion in the May 1-20 period, compared with $38.6 billion a year earlier, according to the data from the Korea Customs Service.
Imports shed 15.3 percent on-year to $36.7 billion during the cited period, resulting in a trade deficit of $4.3 billion.
In April, South Korea's overall exports fell 14.2 percent on-year to $49.6 billion.
Exports have logged an on-year fall since October last year amid aggressive monetary tightening by major economies to curb inflation. It was also the first time since 2020 that exports have declined for seven months in a row.
In this file photo, containers for export are stacked at a pier in South Korea's largest port city of Busan, 320 kilometers south of Seoul, on May 10, 2023. (Yonhap)
colin@yna.co.kr
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