South Korean exports fall 2.7%

  • South Korea’s exports for 1-20 Jan fell 2.7% from 2022, but the pace of drop was slower than that recorded in Dec 2022, customs data showed on 21 Jan.
  • In Dec 2022, South Korean exports fell 9.0% y/y during the first 20 days and declined 9.6% for the full month, as global demand cooled after a wave of aggressive policy tightening to contain inflation.
  • South Korea’s government expects overseas sales in 2023 to fall 4.5%, after a 6.1% gain in 2022, but the trade ministry has vowed to do all it can to achieve growth in exports.

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