Exports down 10.1 % during first 10 days of May

South Korea's exports fell 10.1 percent on-year in the first 10 days of May, data showed Thursday, amid the prolonged downcycle of the global semiconductor industry.

The country's outbound shipments stood at $14.5 billion in the May 1-10 period, compared with $16.1 billion a year earlier, according to the data from the Korea Customs Service.

Imports shed 5.7 percent on-year to $18.7 billion during the cited period, resulting in a trade deficit of $4.2 billion.

In April, South Korea's overall exports fell 14.2 percent on-year to $49.6 billion.

Exports have logged an on-year fall since October last year amid aggressive monetary tightening by major economies to curb inflation. It was also the first time since 2020 that exports have declined for seven months in a row. (Yonhap)