South Korea's exports fell more than expected in July and at the steepest pace in more than three years, trade data showed on Tuesday, raising concerns that the downturn may drag on longer than expected amid persistently weak demand from China.
Overseas sales by Asia's fourth-largest economy fell 16.5% year-on-year to $50.33 billion in July, compared with a 6.0% decline in June and a 14.5% drop tipped in a ReutersIt was the biggest percentage fall since May 2020 and the 10th consecutive month exports fell in annual terms, the longest period since January 2020.
"Declines in the third quarter will likely be narrower than the second quarter, but it is difficult to say whether there will be a swing to growth," Park added. The data showed exports of semiconductors dropped 33.6%, worsening from a 28.0% loss the previous month and marking the 12th straight month of decline for the sector. Petroleum product exports slumped 42.3%, while automobiles gained 15.0%.
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