Korea's exports down 14% in Nov.; trade deficit extended for 8th month

Containers are piled up at a port in Busan on Wednesday. [YONHAP]

Korea's exports logged an on-year decline for the second consecutive month in November amid a global economic slowdown and logistics disruptions over a truckers' strike, the trade ministry said Thursday.

The country also suffered a trade deficit for the eighth straight month on high global energy prices, ringing an alarm over its growth momentum.

Outbound shipments fell 14 percent on-year to come to $51.9 billion last month, following a 5.7 percent on-year fall the previous month, according to the data compiled by the Ministry of Trade, Industry and Energy.

It is the first time since early 2020 that exports fell for the second month in a row.

The country's imports grew 2.7 percent on-year to $58.93 billion in November on high global energy prices, resulting in a trade deficit of $7.01 billion.

Imports have exceeded exports in Korea since April, and it is the first time since 1997 that the country has suffered a trade deficit for the eighth straight month.

Korea depends on imports for most of its energy needs, and the country's energy imports surged 27.1 percent on-year to $15.51 billion in November, the ministry said.

Yonhap