South Korea’s exports contracted for a second straight month in November on sluggish global demand. Exports fell 14% from a year earlier to $51.91 billion following a 5.7% decline in October, according to preliminary data released by the trade ministry in Seoul on Thursday. The fall in exports was steeper than the market expectation for a 10.5% drop.
Shipments to China, the country’s largest trade partner, fell sharply from a year earlier as demand for semiconductors, petrochemicals and smartphones remained sluggish. Imports rose 2.7% from a year earlier to $58.93 billion, after October’s 9.9% gain, resulting in a trade deficit of $7.01 billion. South Korea is headed for its first annual trade deficit since its financial crisis in 2008.