South Korea’s Exports Declined in June

Exports from South Korea had fallen in June following a strong rebound in May amid issues on trade wars between Trump administration and China. While other major economies may weaken the Korean economy since it was dependent on trade.

Foreign shipments in June had declined to 0.1% versus the previous year to $51.23 billion, followed by a surge to 13.2% in the month ahead, based on the initial data released by the trade ministry on Sunday. The latest forecast showed a lower-than-median outlook for 1.5% drop. On the other hand, imports for June increased by 10.7% a year earlier to  $44.91 billion, after the 12.7% growth in the past month.

The trade surplus tightened to $6.32 billion in June versus $6.55 billion a month earlier, while the median forecast showed $5.10 billion. The trade ministry partly blamed the sluggish June trade figures to lesser working days after the local elections this year and also mentioned that the rise in exports on the same month last year was because of the large shipbuilding contracts that offered a higher base for comparison and altered the data.