South Korea’s Ministry of Industry said today that the country’s exports declined for the seventh consecutive month in April, due to the decline in global demand for semiconductors amid the economic slowdown.
The ministry said that outbound shipments fell by 14.2 percent year-on-year to $49.6 billion last month.
This decline came with the drop in semiconductors, the country’s main export, by 41 percent, due to shrinking demand and lower chip prices.
The Industry Ministry said imports fell 13.3% year-on-year to $52.2 billion in April, as energy imports fell 25.8% year-on-year.
It is noteworthy that South Korea relies on imports for most of its energy needs. Thus, it suffered from a trade deficit of $2.6 billion last month.
South Korea’s import and export volume has exceeded since April last year, due to higher energy prices, marking the first time since 1997 that the country recorded a trade balance deficit for the 14th consecutive month.
