SoKor’s exports decline for six straight months, demand recovers
South Korean exports declined for six consecutive months ended August. The drop followed after working days were reduced. Meanwhile, global demand was seen recovering as lockdown measures in key trading partners were lifted.
August had seen outbound shipments dropping 9.9% from a year earlier, government data showed. The decline came faster than the 7.1% drop seen in July. However, it came milder than the 11.5% drop expected in a Reuters poll.
Disregarding the calendar effect, per-day exports dropped the smallest in seven months as it declined 3.8%.
While China-bound shipments recorded a 3.0% decline from a year earlier, there was still a 3.6% increase on a per-working-day basis. Per-day exports to the United States jumped 6.4%, while exports to the European Union advanced 4.1%.