South Korea’s exports fell last May for the eighth consecutive month due to weak demand for chips and a recession.
South Korea’s Ministry of Commerce, Industry and Energy reported last month’s export value was $52.24 billion, down by 15.2% annually.
This decline, according to ministerial data reported by South Korea’s Yonhap News Agency, is due to a 36.2% decline in semiconductor exports, a key component of the country’s exports due to weak demand and low chip prices.
Imports also fell by 14% per year to $58.34 last month as the country’s energy imports fell by 20.6% annually, posting a trade deficit of $2.1 billion during the month.
Imports have surpassed exports in South Korea since April last year due to high energy prices and the country’s trade deficit for 15 consecutive months, the first time since 1997.
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