South Korea’s export downturn slowed in June, with auto exports extending robust rises and semiconductors narrowing their decline, as the bellwether Asian economy posted its first trade surplus since early last year.
The ministry said the improvement in the trade balance may pause in July and August due to seasonal factors but was expected to get back on track and exports swing back to growth.
Shipments to China fell 19.0 per cent, the smallest decline since October, while those to the United States fell 1.9 per cent in their third month of decline. Exports to the European Union rose 9.2 per cent.
Imports fell 11.7 per cent to US$53.11 billion, narrowing from a 14.0 per cent fall the previous month and less than the 11.0 per cent decline expected by economists.
As a result, the country posted a trade surplus of US$1.13 billion in June after 15 months of deficits for the export-reliant economy. ― REUTERS
