Exports down 15.3% during first 10 days of Aug.
Containers are stacked at a port in Busan, 320 kilometers south of Seoul, Aug. 1. Yonhap
Korea's exports fell 15.3 percent on-year in the first 10 days of August on weak chip and petroleum exports, data showed Friday.
The country's outbound shipments reached $13.2 billion in the Aug. 1-10 period, compared with $15.6 billion tallied a year earlier, according to the data from the Korea Customs Service.
Imports plunged 30.5 percent on-year to $16.2 billion during the period, resulting in a trade deficit of $3 billion.
Korea's exports fell for the 10th consecutive month in July due mainly to weak demand for semiconductors, but the country reported a trade surplus for two straight months.
Exports have been on a steady decline since October last year amid aggressive monetary tightening by major economies to curb high inflation and an economic slowdown. It is also the first time since 2020 that exports have declined for nine months in a row. (Yonhap)