SEOUL: South Korea’s exports shrank for an 18th consecutive month in June, but the pace of decline moderated for a second straight month in a glimmering hope for recovery, according to the Ministry of Trade, Industries and Energy. Exports contracted 2.7% from a year earlier, to $45.30 billion in June, following the previous month’s 6% decline, preliminary data released Friday by the ministry showed. The pace of decline has slowed since May. The June reading beat the median market forecast for an 8.3% decrease.
Imports dropped 8% from a year earlier, to $33.66 billion, in June, following a revised 9% decline in May. The market had forecast a 7% fall for June. The trade surplus widened to $11.64 billion in June from the previous month’s revised $6.98 billion. The June reading compares with the market projection of a $8.51 billion surplus. Korean exports–which account for half of the country’s economic growth–face new worries from the United Kingdom’s planned exit from the European Union. Korean shipments overseas had been in decline since January in 2015 on sluggish global trade, lower oil prices and a slowdown in China.
