South Korea ranked fourth among the 37 member countries of the Organization for Economic Cooperation and Development (OECD) in terms of export decline rate in July, KBS World reported on September 24.
South Korea’s exports fell 15.5% in July compared to the same period in 2022, the fourth largest drop among the 37 OECD members, excluding Colombia, which has not yet provided statistics, according to data from the OECD. OECD.
Norway faced the biggest drop in exports in July (more than 50%), followed by Estonia and Lithuania.
Among the seven OECD countries with a per capita income of more than 30 thousand dollars and a population of more than 50 million, South Korea’s exports decreased the most.
At the same time, South Korea was the only country among OECD members whose imports decreased by more than 20%. The drop in imports is largely due to the drop in prices of energy resources and raw materials.
Source: Rossa Primavera
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