According to monthly trade data published by the Ministry of Commerce, Industry, and Energy, Korea’s exports amounted to USD 50.1 billion in February, down 7.5% from the previous year.
Domestic trade also remains in deficit for the past 12 months, marking the longest streak of declines in 25 years.
Data shows Korea’s trade deficit of $5.3 billion in February and $12.6 billion in January, bringing the trade deficit to $18 billion in the first two months of this year – equivalent to nearly a third of the trade deficit recorded last year, the worst deficit in the country’s history.
According to the ministry, the declines are due to reduced demand for chips, semiconductors, and memory chips.
