South Korea's exports contracted at their steepest pace in nearly three yea...
SEOUL - South Korea’s exports contracted at their steepest pace in nearly three years in February as demand from its major market China cooled further in yet another sign of faltering momentum in Asia’s fourth-largest economy.
“China-bound sales are tumbling especially as memory chip prices are falling. Looking ahead, export growth should remain weak in March but shrinking of exports should bottom out March or April as demand from China recovers on stimulus measures,” said Park Sang-hyun, chief economist at Seoul-based HI Investment & Securities.
Though trade negotiations between Washington and Beijing appear to be making some progress, export-driven Asian countries including South Korea, Japan and Taiwan are reeling from the ripple effect of the months-long trade war. South Korea’s economy, like many of its export-reliant peers globally, has stuttered in the past few quarters amid slowing world demand.
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