South Korea's exports fell for a seventh straight month in April for their longest losing streak in three years, driven by an extended slump in sales to China and suggesting persistent pressure on the economy from frail global demand.
The downturn comes despite the reopening of the Chinese economy - a major market for South Korean goods and especially for chips - in December, and raises the challenge for policymakers as they push for a robust post-COVID revival.
A breakdown of the data showed exports to China tumbled 26.5% for their 11th consecutive month of declines, while those to the United States fell 4.4% in their first shrinking month in three. Shipments to the European Union rose 9.9%. The trade ministry said in a statement that the fall was due to a delay in global economic recovery and weakness in the semiconductor industry, while there were also fewer working days and high base effects.
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