South Korea's export decline continues for seventh straight month, China sales slump

South Korea's exports have declined for a seventh consecutive month in April, marking their longest slump in three years, according to data from the country's trade ministry. Despite the reopening of the Chinese economy in December, which is a significant market for South Korean goods and chips, overseas sales by Asia's fourth-largest economy fell 14.2% YoY to $49.62bn in April. The data showed that semiconductor exports fell by 41%, extending losses for a ninth straight month. The slump in sales to China and the United States suggests persistent pressure on the economy from frail global demand and poses a challenge to policymakers seeking to revive the post-COVID economy.