S. Korea’s export drops 9.4 pct in May

S. Korea’s export drops 9.4 pct in May

SEOUL (Rahnuma):  South Korea’s export reduced 9.4 percent in May from a year earlier, keeping a downward trend for the sixth consecutive month, a government report showed Saturday.

Export, which accounts for about half of the export-driven economy, amounted to 45.91 billion U.S. dollars in May, down 9.4 percent from the same month of last year, according to the Ministry of Trade, Industry and Energy.

Import fell 1.9 percent over the year to 43.64 billion dollars in May, sending the trade surplus to 2.27 billion dollars.

The trade balance stayed in the black for 88 months in a row, but the surplus was down 63.5 percent from a year ago.

The falling pace of export in May was faster than a 2-percent reduction in the previous month on the global trade dispute and the downturn in business cycle of the global semiconductor sector.

In terms of volume, the export gained for two months through May, sending a positive signal that the export could rebound in the near future.

The export volume grew 0.7 percent in May from a year earlier, after expanding 2.3 percent in April.

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