SEOUL: South Korean exports fell at a sharper pace in April as fewer working days ate into shipments already suffering from weak global demand and low global commodity prices, and the trade ministry said it was not optimistic about conditions in May.
Preliminary data showed April exports slid 11.2 percent from a year earlier, while imports dropped a faster 14.9 percent, the Ministry of Trade, Industry and Energy said. Both figures were worse than economists had expected.
Exports from Asia’s fourth-largest economy have been falling since January last year, and declined 8.1 percent in March, while imports dropped 13.9 percent then.
April’s trade surplus stood at $8.84 billion, down from a $9.86 billion surplus for March.
May exports are likely to show similar weakness, as downside risks are growing, the ministry said.
The International Monetary Fund cut its world growth forecast to 3.2 percent from 3.4 percent in April while the World Trade Organization also slashed its global trade volume growth forecast to 2.8 percent from 3.9 percent.
Economists polled by Reuters had forecast South Korea’s exports to fall 11.0 percent last month. Imports had been expected to drop 12.5 percent.
Preliminary data showed April exports slid 11.2 percent from a year earlier, while imports dropped a faster 14.9 percent, the Ministry of Trade, Industry and Energy said. Both figures were worse than economists had expected.
Exports from Asia’s fourth-largest economy have been falling since January last year, and declined 8.1 percent in March, while imports dropped 13.9 percent then.
April’s trade surplus stood at $8.84 billion, down from a $9.86 billion surplus for March.
May exports are likely to show similar weakness, as downside risks are growing, the ministry said.
The International Monetary Fund cut its world growth forecast to 3.2 percent from 3.4 percent in April while the World Trade Organization also slashed its global trade volume growth forecast to 2.8 percent from 3.9 percent.
Economists polled by Reuters had forecast South Korea’s exports to fall 11.0 percent last month. Imports had been expected to drop 12.5 percent.
