South Korea’s early exports kept declining in August in the latest sign of lackluster global trade.
Daily shipments decreased 10.7% on average in the first 20 days of the month compared with a year earlier, the customs office said Monday. While total exports fell 16.5%, chip sales declined 24.7% and shipments to China dropped 27.5%.
Korean exports have been under pressure since late last year as semiconductor prices slid and demand from China slackened. Korea is one of the world’s largest exporters and the country’s exports serves as a useful indicator of the health of the global economy.
The latest results come just days before the Bank of Korea releases a formal assessment of the economy and its growth outlook. Economists widely believe the central bank will hold its rate at 3.5% on Thursday as it puts increasing emphasis on safeguarding economic momentum amid an exports gloom.
