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☆ S.Korea exports snap year-long downturn, recovery in China demand slow
  + stars: | 2023-11-01 | by ( Jihoon Lee | ) www.reuters.com   time to read: +3 min
Overseas sales last month by Asia's fourth-largest economy rose 5.1% year-on-year to $55.09 billion, trade data showed on Wednesday. By destination, exports to the United States gained 17.3%, the most since May 2022, while China-bound shipments fell 9.5%, the least in 13 months. Exports of cars rose 19.8%, extending gains to a 16th straight month, while petroleum products also jumped 18.0%, after seven straight months of decline. Semiconductor shipments fell for the 15th consecutive month, but the 3.1% drop in October was the smallest in the streak. In October, South Korea's factory activity contracted for the 16th straight month, but the decline in new export orders softened, another survey showed on Wednesday.
Persons: Lee Jae, Asia's, Lee Jeong, Jihoon Lee, Christian Schmollinger, Muralikumar Anantharaman, Sonali Paul Organizations: Busan New, REUTERS, Rights, Overseas, United States, Eugene Investment Securities, Trade, Thomson Locations: Busan, Busan New Port, Seoul, Rights SEOUL, United States, China, United, Israel, South
☆ South Korea posts the worst trade deficit in its history
  + stars: | 2023-02-01 | by ( Jihye Lee | ) www.cnbc.com   time to read: +1 min
05 November 2022, South Korea, Pusan: Containers are loaded from the container freighter "Alula Express" at Busan Newport International Terminal, one of the largest container ports in the world. Photo: Bernd von Jutrczenka/dpa (Photo by Bernd von Jutrczenka/picture alliance via Getty Images)It marked the worst trade deficit since the agency started compiling data in 1956 and far more than the $20.6 billion trade deficit in 1996. South Korea recorded a trade deficit of $47.5 billion for 2022, official data from the customs agency showed. January exports fell $46.3 billion, or 16.6% – declining more than expectations for a drop of 11.3%. That resulted in a deficit of $12.7 billion for January, more than the $9.27 billion expected by economists polled by Reuters.
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