S Korean exports fall 2.7%

South Korea’s exports for the first 20 days of January fell 2.7per cent from a year earlier, but the pace of drop was slower than that recorded in December, customs data showed on Saturday.

In December, South Korean exports fell 9.0per cent on-year during the first 20 days and declined 9.6per cent for the full month, as global demand cooled after a wave of aggressive policy tightening to contain inflation, reports Reuters.

For the first 20 days of January, exports to China fell 24.4per cent, whereas shipments to the United States rose 18.1per cent, the Korea Customs Service data showed.

Imports over Jan. 1-20 rose by 9.3per cent on-year, bringing South Korea’s trade deficit to $10.26 billion over the period. For December, the trade deficit was $4.69 billion.

South Korea’s government expects overseas sales in 2023 to fall 4.5per cent, after a 6.1per cent gain in 2022, but the trade ministry has vowed to do all it can to achieve growth in exports.