South Korea experiences sixth straight fall in export in August, figures shrank to 9.9 percent low

A South Korean Government report released on September 1, stated that South Korea’s export fell for the sixth straight month up to August, but it kept a single-digit slide for two months.

Per the report by the Ministry of Trade, Industry and Energy, export which accounts for about half of the export-driven economy, shrank 9.9 percent from a year earlier, to 39.66 billion U.S. dollars in August.

Import slipped 16.3 percent over the year to 35.54 billion dollars in August, sending trade surplus to 4.12 billion dollars. The trade balance stayed in black for the fourth consecutive month.

Pertaining to the coronavirus pandemic, the outbound shipment continued to fall for six straight months since March, but it slowed down from declines of 25.6 percent in April, 23.8 percent in May, 10.8 percent in June and 7.1 percent in July.

The slowdown in decline could be aligned to the partial recovery of the economy pertaining to the reopening of businesses in major economies.

Photo Credit : https://commons.wikimedia.org/wiki/File:Flag_of_South_Korea.JPG

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