South Korean exports in the first part of July fell at the fastest pace since March, dampening hopes that a slowdown in global trade might be turning a corner.
Daily shipments dropped 15.2% on average in the first 20 days of July from a year earlier, the customs office said Friday. While total exports fell by the same margin, chip sales slid by more than a third, and shipments to China fell by 21.2%.
South Korea is one of the world’s largest exporters, shipping a wide range of goods that makes its trade data a key indicator of the health of the international economy. Global activity has been restrained by high inflation and rising interest rates.
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