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Exports from July 1 to 20 went down by 13.6% y/y, down 8 consecutive month

Exports from July 1 to 20 went down by 13.6% y/y, down 8 consecutive month
7월 1~20일 수출 13.6% 감소.. 반도체도 동반하락Korea's outbound shipments have fallen in the first 20 days of this month.If the downward trend continues for the rest of July, the country would end up having negative export growth for eight months straight.Seo Eunkyung breaks down the digits for us.Exports in July fell during the first 20 days of the month on year.According to Korea Customs Service on Monday, exports fell by 13-point-6 percent from the same period of the previous year to 28.3 billion U.S. dollars.Exports to China dropped significantly, recording a decline by 19-point-3 percent in July on year, followed by the European Union with 12-point-3 percent and Japan with 6-point-6 percent.Sluggish exports in semiconductors are reported to be the largest contributor to the sharp decline in total exports.Semiconductor exports slumped to minus 9-point-3 percent last December, and the figures have remained negative up until June this year.During July 1 to 20, semiconductor exports again declined by 30-point-2 percent, dragging down the total export value.Petroleum product exports meanwhile went down by 15-point-six percent."In a macroeconomic fashion, the prolonged U.S.-China trade dispute and overall sluggish trade worldwide have negatively hit Korea's exports, dragging down the figures."The director added that the sluggish exports are due to various unstable external factors, including decreasing trade volume worldwide and a decline in semiconductor prices.Seo Eunkyung, arirang News.