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South Korea May exports fall most in 8 months on calendar effects

Published on Jun 1, 2014 3:04 PM

SEOUL (Reuters) - South Korean exports fell 0.9 per cent in May from a year earlier, data showed on Sunday, marking the worst decline in eight months and missing the market's consensus view mainly due to fewer working days.

Exports totalled US$47.88 billion in May while imports edged up by 0.3 per cent from a year earlier to reach US$42.53 billion, data from the Ministry of Trade, Industry and Energy showed. It resulted in a trade surplus of US$5.35 billion.

The median forecast from a Reuters survey of 16 economists was for South Korean exports to grow 1.2 per cent in May from a year before, but five of them had predicted losses. Imports were seen up a median 4.2 per cent.

It was the first decline in exports since January this year and the sharpest since September last year.

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