South Korea’s exports down for seventh month on falling chip demand

South Korea’s exports fell for the seventh consecutive month in April due mainly to sagging global demand for semiconductors amid an economic slowdown, the industry ministry said.

Outbound shipments fell 14.2 per cent on-year to $49.6 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy.

The decline came as exports of semiconductors, the country’s key export item, sank 41 percent on-year on falling demand and a drop in chip prices, reports Yonhap news agency.