Robert Besser
26 Jan 2023, 19:11 GMT+10
SEOUL, South Korea: Korea Customs Service data released this week showed that South Korean exports for the first 20 days of January fell 2.7 percent from 2022.
However, this pace was still slower than that recorded in December, when South Korean exports fell 9.0 percent year-on-year during the first 20 days and declined 9.6 percent for the full month due to cooling global demand caused by aggressive policy tightening aimed at curbing inflation.
During the first 20 days of January, exports to China dropped by 24.4 percent and those to the US increased by 18.1 percent, while imports during the same period rose by 9.3 percent year-on-year, bringing South Korea's trade deficit to $10.26 billion, the data showed.
In December, the country's trade deficit was $4.69 billion.
After a 6.1 percent gain in 2022, the South Korean government predicts overseas sales in 2023 to fall 4.5 percent, but the trade ministry pledged to achieve growth in exports.
Get a daily dose of Boston Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Boston Star.
More InformationLONDON, England: As supply chain disruptions eased and output picked up in domestic and overseas markets, British car production rose ...
BERLIN, Germany: Reuters has reported that despite potentially higher interest rates, Germans are placing fewer deposits abroad, due to fears ...
WASHINGTON D.C.: The US and Japan have signed a trade memo on electric vehicle (EV) battery minerals.US Trade Representative Katherine ...
ST LOUIS, Missouri: The latest in a number of US cities to take action, St. Louis, Missouri, said this week ...
DUBLIN, Ireland: Bank of Ireland has announced that it has raised fixed mortgage rates following a cumulative 3.5 percent rate ...
NEW YORK, New York - U.S. stocks finished the third quarter with a bang on Friday. Despite a volatile start, ...
WASHINGTON D.C.: The US National Transportation Safety Board has said that after an automated cockpit warning that switched off a ...
The Boston Red Sox have already shown great resilience two games into 2023. A pair of late-inning rallies have resulted ...
Carter Verhaeghe recorded a natural hat trick to highlight his career-high four-goal performance on Saturday, lifting the visiting Florida Panthers ...
Trayce Thompson established career highs of three homers and eight RBIs to lead the Los Angeles Dodgers to a crushing ...
The Minnesota Rokkr won both of their matches, and the Los Angeles Thieves won for the second time in two ...
Carter Verhaeghe recorded a natural hat trick to highlight his career-high four-goal performance on Saturday, lifting the visiting Florida Panthers ...