Business News Asia
South Korea’s Ministry of Trade, Industry and Energy reported that exports fell the most in two and a half years in November, due to slowing demand in key global markets, particularly China, and a slowdown in the semiconductor industry. South Korea’s exports fell 14% in November from a year earlier to $51.91 billion, following a 5.7% drop in October. Exports have fallen for two consecutive months. Imports rose 2.7% year-on-year to $58.93 billion in November.
As global energy prices soared, South Korea recorded a trade deficit of $7.01 billion in November. It is the first time since 1997 that South Korea has run a trade deficit for eight consecutive months. Exports to China, South Korea’s main market, fell 25.5% in November, the sixth straight decline and the worst in more than a decade. Exports to the U.S. rose 8% and to the EU 0.1%. Exports to the Association of Southeast Asian Nations (ASEAN) fell 13.9% to $9.08 billion. ASEAN consists of Thailand, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore and Vietnam.