South Korean exports post worst decline in 2 years

Seoul

SOUTH Korean exports last month suffered their worst fall in two years on weaker sales to Europe and China, lower oil prices and long holidays, but the government said global demand showed some signs of recovery.

Exports in February fell 3.4 per cent from a year earlier to US$41.46 billion, while imports plummeted 19.6 per cent to US$33.80 billion, the Ministry of Trade, Industry and Energy said on Sunday. The US$7.66 billion trade surplus is a record for any month.

Overseas sales saw the steepest annual fall since February 2013 while imports had their biggest decline since October 2009, which the ministry blamed on weak oil prices as Dubai crude prices dr…