South Korea’s exports are expected to dwindle again in February from a year earlier, data showed Sunday, which would mark the longest streak of on-year drops in the country’s history.
In the first 10 days of the month, outbound shipments plunged 27.1 percent from the same period last year, according to data from the customs office. Exports have dropped every single month since the
start of last year, plunging 18.5 percent on-year in January alone, the fastest rate of decline since August 2009.
A drop in February will mark the 14th consecutive month of on-year drops, the longest streak of negative growth since the country began compiling such data in 1970, according to the Ministry of Trade, Industry and Energy.
The cuts in exports have mostly been attributed to low global oil prices, which in turn have greatly reduced the price of South Korean exports. (Yonhap)
Source, The Korea Herald Newspaper, February 15, 2016