South Korea’s exports fell for the fourth month running in March, because of declining semiconductor prices and slower economic growth in China.
The Ministry of Trade, Industry and Energy said exports had dropped 8.2 percent on-year last month to US$47.1 billion. Semiconductors fell the most, with a 16.6 percent plunge. Economic growth in China, which accounts for 26.8 percent of Korea’s exports, is slowing down. China’s trade war with the U.S. also contributed to Korean exports to the USA falling 15.5 percent.
The Bank of Korea projects Korean exports to fall by 1.4 percent this year.