South Korea’s record-long decline in exports extended by another month in May, but the fall became less bleak.
The Ministry of Trade, Industry and Energy said Wednesday that the country's outbound shipments came to just under 39-point-eight billion dollars in May, down by six percent from the same month last year.
The on-year drop in exports last month was a relief from the previous month as the fall took place at the slowest pace since outbound shipments contracted by five percent in November.
The country’s exports continued to fall by double digits so far this year except for March, when it contracted by eight-point-two percent.
Daily exports in May also amounted to one-point-85 billion dollars, the highest level this year.
May extends South Korea’s record-long rally of negative export growth to 17 months. The previous record was 13 months set between March 2001 and March 2002.
The country’s imports last month continued to fall at a fast clip, plunging nine-point-three percent to 32-point-seven billion dollars, also marking 17 straight months of decline.
The nation's trade surplus, at seven-point-one billion dollars, continued for 52 straight months.