South Korea's export decline likely accelerated in July amid persistently weak demand from China, a Reuters survey showed on Thursday, signalling a bumpy road towards recovery.
Outbound shipments were expected to extend their run of year-on-year losses to a 10th straight month with a 14.5% fall in July from the year before, according to the median estimate of 12 economists in the survey conducted during July 21-26.
Most economists cited a weak Chinese economy as the biggest factor weighing on South Korea's exports, along with a slowdown in other major economies, while some also attributed the faster decline to a high base the previous year. "While China-bound exports continue to be weak, U.S.-bound shipments are also expected to fall this month," said economist Park Sang-hyun at HI Investment Securities.
South Korea - a bellwether for global trade - is the first major exporting economy to report monthly trade figures, providing clues on the health of world demand.
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