S. Korea's Exports to China Fall for 14th Straight Month

Write : 2016-09-23 09:14:19 Update : 2016-09-23 09:51:03

S. Korea's Exports to China Fall for 14th Straight Month

South Korea’s exports to China fell for the 14th consecutive month in August.

According to the Korea International Trade Association(KITA) on Friday, South Korea’s exports to China last month came to stand at ten-point-three billion U.S. dollars, down five-point-three percent from the same month a year earlier.

It marks the 14th month in a row since a six-point-five percent contraction in July last year that South Korea witnessed a fall in shipments to its largest trade partner, which accounts for a quarter of the country’s total exports.

However, the pace at which exports to China fell has been easing compared with contractions of ten-point-three percent in June and nine-point-three percent in July. The fall in exports to China reached a climax in January, posting a 21-point-five percent contraction.

South Korea’s imports to China rose three percent on-year to nearly seven-point-four billion dollars, bringing the country’s trade surplus with China in August two-point-nine billion dollars.

Meanwhile, South Korea’s exports to the U.S. amounted to four-point-eight billion dollars last month, down by four-point-seven percent on-year.

Exports to Vietnam, which has emerged as South Korea’s third largest export destination, jumped by 22-point-six percent on-year to two-point-75 billion dollars.

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