SEOUL : South Korea's exports likely extended their downtrend in May for an eighth consecutive month, falling at the sharpest pace in three years, a Reuters survey showed on Tuesday, with economists citing feeble China demand as a risk factor in the year ahead. Outbound shipments in May were expected to h
SEOUL : South Korea's exports likely extended their downtrend in May for an eighth consecutive month, falling at the sharpest pace in three years, a Reuters survey showed on Tuesday, with economists citing feeble China demand as a risk factor in the year ahead.
"Exports will hit the bottom in the second quarter and start to recover afterwards, as declines in semiconductor shipments gradually narrow," said Chun Kyu-yeon at Hana Securities. In the first 20 days of the month, South Korea exported goods worth 13.5 per cent less than year-ago numbers. Exports to China dropped 23.4 per cent and semiconductor shipments tumbled 35.5 per cent.
Overall, South Korea is expected to post a 15th consecutive month of trade deficit. The median forecast of economists in the survey was a deficit of $2.53 billion, which would mark the smallest since last June.
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