Korea’s exports fell for the first time in nearly two years; according to the Ministry of Trade, Industry and Energy on Tuesday, exports in October shrunk 5.7 percent year-on-year. Importsgrew 9.9 percent.
The last time exports fell year-on-year was in October 2020 during the Covid-19 pandemic. Because of the sharp increase in imports, the trade deficit amounted to $6.7 billion.
The government attributed the shrinking exports to the slowing global economy.