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S.Korea's exports post double-digit fall in early July

Xinhua, July 11, 2016 Adjust font size:

South Korea's exports, which account for about half of the export-driven economy, posted a double-digit decline for the first 10 days of July, boosting worries about the delayed recovery, customs data showed Monday.

During the July 1-10 period, the exports tumbled 21.6 percent from the same period of last year at 10.35 billion U.S. dollars, according to the Korea Customs Service (KCS). The country's exports kept the longest monthly reduction for 18 months through June.

The June exports inched down 2.7 percent, but the July shipments posted a double-digit fall, boosting worries about the economy's growth engine.

Adding to the concerns, Seoul and Washington decided last Friday to deploy the U.S. missile defense system, called the Terminal High Altitude Area Defense (THAAD), in South Korea's soil by the end of next year.

Cheong Seong-Chang, a senior researcher at the private Sejong Institute, said that the THAAD decision would cause a drop in Chinese tourists visiting South Korea, a cooling in the popularity of the so-called Korean Wave and the possible boycotting of South Korean products in China.

The customs agency said that the July exports increased 4.5 percent in consideration of less business days in the month compared with a year earlier. Endit