Economics
South Korea Exports Dip for Sixth Month as Chip Woes Persist
- Slowdown in chip industry takes toll on South Korean economy
- Imports decline 1.9%, defying estimates for a 0.5% increase
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South Korea’s exports fell for a sixth straight month in May as slowing global growth and a downturn in the semiconductor industry continue to take a toll on Asia’s fourth-largest economy, a bellwether for global trade.
Shipments fell 9.4% in May from a year earlier, compared with a median forecast of economists for a 6.6% decline. Semiconductor exports, which Samsung Electronics Co. and SK Hynix Inc. lead, dropped 30.5%, according to a statement from the trade ministry.