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S. Korea's exports fall 14.3% y/y in November, but posted lowest trade deficit with Japan in more than 17 years Updated: 2019-12-02 07:16:33 KST

South Korea's exports plunged by double digits on-year in November, falling for the 12th-consecutive month.
The trade ministry says outbound shipments fell 14.three percent on-year to 44 billion U.S. dollars last month, due to slowing global demand and the ongoing U.S.-China trade dispute.
The slump was most evident in the nation's key export items, with semiconductor exports tumbling over 30 percent while petrochemical goods fell nearly 20 percent.
Shipments to China fell 12 percent, while those to the U.S. and Japan dropped over eight percent and 10 percent respectively.
With another tough year expected ahead, trade minister Sung Yoon-mo announced that the government will spend around 134 billion dollars to help exporting firms, including 19.5 billion dollars to expand trade finance.
Meanwhile, South Korea's trade deficit with Japan dipped to a 17-and-half year low in November, tallied at 1.1 billion dollars.
This was partially attributed to Korea's diversification of chip and import sources to include non-Japanese suppliers, as well as a reduction in investments to Japan for these sectors.
Japan has been even harder hit by the trade curbs, with exports to Korea tumbling 23.1 percent in October, compared to the 13.9 percent decline of Korean exports to Japan.
Lee Min-sun Arirang News.
KOGL : Korea Open Government License
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