Seoul: South Korea’s exports experienced a 4.3 percent decline in the first ten days of August compared to the same period last year, as revealed by recent data.
According to Yonhap News Agency, outbound shipments were valued at $14.7 billion from August 1-10, a decrease from the $15.4 billion recorded during the same timeframe the previous year, based on figures from the Korea Customs Service. Imports also decreased by 13.6 percent year-on-year, amounting to $15.9 billion, which resulted in a trade deficit of $1.2 billion for the period.
In contrast, the previous month saw a 5.9 percent increase in exports compared to the year before, reaching $60.8 billion. This growth was attributed to strong global demand for semiconductors, despite existing tariff schemes by the U.S. under the Donald Trump administration.