South Korea’s exports grew at their slowest pace in 20 months in June

South Korea’s exports fell to a 20-month low in June, leading to an unprecedented trade deficit.

Exports increased by only 3.8% year-on-year in June. This increase makes June the 20th consecutive month of growth month. However, it will be the weakest month in the expansion series and is below the 21.3% increase in May.

In the first 20 days of the month, exports fell by 3.4% year-on-year. However, the weekday delivery rate increased by 11%.

The trade balance will show a deficit of $4.83 billion, the highest in South Korea’s history.

Asia’s fourth-largest economy posted a cumulative trade deficit of $7.83 billion from January to May. This was the first annual deficit since 2008, and it came amid skyrocketing commodity and energy prices.

The consumer price index increased by 5.9% in June than a year earlier. This increase accelerated from a reported annual rise of 5.4% in May and is the highest rate since July 2008.

Meanwhile, industrial production is expected to rise by a seasonally adjusted 0.5% month-on-month in May.

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