SEOUL: South Korea’s exports shrank for a 17th consecutive month in May, with the pace of decline slowing from the prior month, according to the Ministry of Trade, Industries and Energy. Exports contracted 6.0% from a year earlier to $39.78 billion in May, following the previous month’s 11.2% drop, preliminary data released Wednesday by the ministry showed. The May reading suggested a moderating slump but failed to meet the market expectations for a 1.6% increase.
Imports dropped 9.3% from a year earlier to $32.70 billion in May, following a 14.9% decline in April. The market had forecast a 7.9% fall for May. The trade surplus narrowed to $7.08 billion in May from the previous month’s revised $8.82 billion. The May reading compares with the market projection for a $10 billion surplus. Korean exports have been in decline since January 2015 due to sluggish global trade, lower oil prices and a slowdown in China–which takes in a quarter of Korea’s total shipments overseas.
