SEOUL South Korea's exports fell for an eighth straight month in May in annual terms, although less than expected, amid persistent weakness in demand for semiconductors.
Overseas sales by Asia's fourth-largest economy fell 15.2% year-on-year to $52.24 billion in May, the trade ministry data showed, compared with a drop of 14.3% in April and a 16.8% decline tipped in a Reuters survey.
The down streak is the longest run of year-on-year losses since January 2020.
Despite one less working day, the total value of exported goods was higher than the previous month's $49.58 billion, according to the ministry.
Exports of semiconductors, South Korea's biggest selling item, dropped 36.2%, extending losses to a 10th consecutive month but an improvement versus April's 41.0% drop. Shipments of petroleum products fell 33.2%, but cars jumped 49.4%.
Imports fell 14.0% to $54.34 billion in May, faster than the 13.3% fall seen in April and the fastest since August 2020. Economists had expected a 14.5% decline in the survey.
The country posted a trade deficit of $2.10 billion in May. It was the 15th month in a row that the export-reliant economy suffered a trade deficit but the smallest amount since May 2022.
Separate data showed South Korean manufacturers reported the smallest decline in export orders in their 15-month falling streak, suggesting a possible recovery in overseas demand going forward.
(Reporting by Jihoon Lee; Editing by Himani Sarkar)
