South Korea's exports fall 16.6% in January 2023, the fastest drop in exports since May 2020.
‘s economy inched toward its first recession in three years as data on Wednesday, February 1, showed its January trade deficit soared to a record thanks to a plunge in exports caused by a combination of long holidays and cooling global demand., which relies heavily on trade for growth, shrank by 0.4% in the October-December quarter and is now on the brink of falling into what would be its first recession since the middle of 2020 during the height of the COVID-19 pandemic.
Imports fell 2.6% compared with a year earlier, less than a 3.6% drop predicted in the survey. As a result, the country posted a monthly trade deficit of $12.69 billion, setting a record amount for any month. The increasing chances of recession – two consecutive quarters of decline in gross domestic product – also underscore growing bets in markets that the central bank’s campaign of raising interest rates since late 2021 has run its course.
Finance Minister Choo Kyung-ho blamed long lunar New Year holidays in China and a steep fall in computer chip prices versus a year ago for the sharp declines in export values, adding China’s reopening would help ease the situation over time.
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