https://www.todayonline.com/world/s-kore...le-2162216
S Korea exports suffer longest losing streak in 3 years, China sales tumble
SEOUL :South Korea's exports fell for a seventh straight month in April for their longest losing streak in three years, driven by an extended slump in sales to China and suggesting persistent pressure on the economy from frail global demand.
The downturn comes despite the reopening of the Chinese economy - a major market for South Korean goods and especially for chips - in December, and raises the challenge for policymakers as they push for a robust post-COVID revival.
Overseas sales by Asia's fourth-largest economy fell 14.2per cent year-on-year to US$49.62 billion in April, trade ministry data showed on Monday, after a 13.6per cent fall in February and compared with a 13.5per cent drop tipped in a Reuters survey.
It was the worst decline in three months, and reinforced the recent signs of a domestic economy struggling to fire on all cylinders in the wake of slowing global growth.
A breakdown of the data showed exports to China tumbled 26.5per cent for their 11th consecutive month of declines, while those to the United States fell 4.4per cent in their first shrinking month in three. Shipments to the European Union rose 9.9per cent.
By product, semiconductor exports dived 41.0per cent, extending their losses to the ninth straight month. Petroleum products fell 27.3per cent, but automobiles jumped 40.3per cent.
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