South Korea’s exports have been dragged down by China’s economic slowdown and import slump. The East Asian country has experienced a continuing trade deficit for nearly a year due to being heavily dependent on China for both imports and exports.
In the first two months of this year, South Korea’s trade deficit has nearly reached 40 percent of last year’s total deficit.
According to data released by the Korea Customs Service on Feb. 21, the country’s exports from Feb. 1 to 20 decreased by 2.3 percent compared to last year’s period, while its imports increased by 9.3 percent year-over-year. The trade deficit in that period was $5.987 billion, 3.3 times the same period last year….