SEOUL :South Korea’s exports fell more than expected in July and at the steepest pace in more than three years, trade data showed on Tuesday, raising concerns that the downturn may drag on longer than expected amid persistently weak demand from China.
Overseas sales by Asia’s fourth-largest economy fell 16.5 per cent year-on-year to $50.33 billion in July, compared with a 6.0 per cent decline in June and a 14.5 per cent drop tipped in a Reuters survey of economists.
It was the biggest percentage fall since May 2020 and the 10th consecutive month exports fell in annual terms, the longest period since January 2020.
“Chances are there still will be a recovery in the second half of the year, but it may be weaker than how it is projected now,” said Park Sang-hyun, chief economist at HI Investment Securities.
“Declines in the third quarter will likely be narrower than the second quarter, but it is difficult to say whether there will be a…