Exports down 7.9 pct during first 10 days of Sept.

South Korea’s exports fell 7.9 percent on-year in the first 10 days of September due to weak shipments of chips and petroleum products, data showed Monday.

The country’s outbound shipments reached US$14.9 billion in the Sept. 1-10 period, compared with $16.1 billion tallied a year earlier, according to the data from the Korea Customs Service.

Imports fell 11.3 percent on-year to $16.5 billion during the period, resulting in a trade deficit of $1.64 billion.

South Korea’s exports fell for the 11th consecutive month in August due mainly to weak demand for semiconductors and petroleum products, but the country reported a trade surplus for the third straight month.

Exports have been on a steady decline since October last year amid aggressive monetary tightening by major economies to curb high inflation and an economic slowdown. It is the first time since 2020 that exports have declined for 11 months in a row.

Source: Yonhap News Agency