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S.Korean exports keep longest monthly decline in August

Xinhua, August 22, 2016 Adjust font size:

South Korean exports, which account for about half of the export-driven economy, kept a longest monthly decline through August, customs data showed on Monday.

For the first 20 days of August, exports reached 22.45 billion U.S. dollars, down 0.3 percent from the same period of last year, according to Korea Customs Service (KCS).

The country's exports posted the longest monthly fall for 19 months through July since the data began to be compiled in 1970. If the downward trend continues in August, the period will be extended to 20 straight months.

The exports tumbled 10.2 percent in July from a year earlier, sliding at a faster pace than in June when the overseas shipments dipped 2.7 percent.

The August exports are anticipated to turn upward thanks to more working days by two days than a year earlier, but a fall in global trade is still weighing down on South Korean exports.

The South Korean currency is rising against the U.S. dollar, raising the currency volatility that has negative effect on local exporters.

By item, shipments of chips, steels, auto parts and ships increased in the cited period, but those for oil products and telecommunication devices tumbled 32.3 percent and 12.2 percent respectively. Car exports slid 3.3 percent, and flat panel shipments retreated 14 percent.

Exports to China and the United States, South Korea's top two trading partners, reduced 3.4 percent and 4.4 percent each, with those to European Union slumping 9.1 percent. Endit