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Global Markets News
By Exports fell 16.6% in January from a year earlier, trade ministry data showed, worse than an 11.3% decline predicted in a Reuters survey and the fastest drop in exports since Imports fell 2.6% compared with a year earlier, less than a 3.6% drop predicted in the survey. As a result, the country posted a monthly trade deficit of "I have a zero percent forecast for the first-quarter growth but today's trade figures are definitely a minus to that," said The increasing chances of recession - two consecutive quarters of decline in gross domestic product - also underscore growing bets in markets that the central bank's campaign of raising interest rates since late 2021 has run its course. Leading the sluggish trade performance in January were a 44.5% dive in semiconductor exports and a whopping 31.4% plunge in sales to Both were the worst rates of decline since the 2008/2009 global financial crisis. South Korean bond yields fell across the board on the growing bets for a less restrictive monetary policy ahead, while stock and currency investors largely shrugged off the monthly figures. Finance Minister "The government will mobilise all available policy resources to help support a drive to boost exports so that the timing of improvement in trade balance can be advanced," Choo said at a meeting of trade-related officials, without elaborating. The government has forecast this year's exports would fall 4.5% after posting a 6.1% gain in 2022, and the trade ministry has said it would do what it can to avert a decline. (Reporting by
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