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Concerns rise over declining exports

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Latest customs data show South Korea’s exports tumbled by 18.2 percent from a year earlier in the first 10 days of October, making it almost certain that this month will post another sharp decline in outbound shipments.

The country’s exports had decreased for a record 19th consecutive month through July before a slight resurgence in August. But its outbound shipments fell by 5.9 percent on-year to $40.9 billion last month, while imports edged down 1.7 percent to $34 billion.

Exports to China, the largest market for Korean manufacturing exporters, dropped by more than 18 percent from a year earlier in the first 10 days of October. Exports of goods to the US and EU decreased by 23 percent and 27 percent, respectively, over the same period.

Exports to Japan, which recorded an increase in August and September, fell by 21.7 percent in the first 10 days of this month.