World Economy

S. Korea Exports Plunge

S. Korea Exports PlungeS. Korea Exports Plunge

South Korea’s exports in August suffered their biggest fall in six years, hit by weak global demand and falling prices, the trade ministry said on Tuesday, AFP reported. Exports plunged 14.7% on-year to $39.33 billion, the largest percentage fall since August 2009 when the comparable figure dipped 20.9% on-year. It also represented the eighth consecutive month of decrease in exports. The trade ministry said exports would likely continue shrinking this month before seeing a slow recovery in the fourth quarter. “Exports are expected to improve from the start of the fourth quarter on an increase in deliveries of ships and launches of new cars,” the ministry added.