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S. Korea's Exports in July Decrease Fourth Most among OECD Members

Written: 2023-09-24 13:53:01Updated: 2023-09-24 13:59:21

S. Korea's Exports in July Decrease Fourth Most among OECD Members

Photo : YONHAP News

South Korea’s exports decreased the fourth most among the 37 member countries of the Organization for Economic Cooperation and Development (OECD), with the decline in imports the largest among the members.

According to the OECD's data on Sunday, South Korea's exports declined 15-point-five percent in July from a year earlier, the fourth largest fall among the 37 OECD members, excluding Colombia, whose statistics have not yet been compiled.

Norway suffered the largest fall of more than 50 percent, followed by Estonia and Lithuania.

Among the seven countries with a per capita income of more than 30-thousand dollars and a population of more than 50 million, South Korea's exports decreased the most.

Meanwhile, the country's imports slipped 25-point-four percent in July on-year, the largest decline among the 37 OECD countries, followed by Finland and Japan.

South Korea was the only country among the members that saw its imports decrease more than 20 percent. The fall in imports is largely due to drops in prices of energy and raw materials.

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