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South Korea October exports post worst drop in over 6 years

Staff writer |
South Korean exports slumped the most in more than six years in October, with hefty drops in shipments to China, the United States and Europe suggesting a further weakening in global demand.

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The trade ministry attributed the declines mainly to a sharp fall in ship contracts and low oil prices, but the sharper-than-expected deterioration is likely to add to fears that a deeper chill is settling over the international economy.

Exports fell 15.8 per cent on-year to $43.5 billion (Dh159.6 billion) in October, their 10th straight month of declines and the sharpest fall since August 2009, trade ministry data showed on Sunday.

Imports slumped 16.6 per cent to $36.8 billion. Trade surplus fell to $6.7 billion in October from a revised $8.9 billion in September.

The slump in exports was partially expected by economists as South Korea posted a record high in shipments last year. The average export value per working day was $1.89 billion in October, less than a revised $2.02 billion in the previous month, Reuters calculations showed.

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