South Korea's exports decreased by 15.5% in July, the fourth largest decline among OECD member countries

A survey found that South Korea's export value in July was the fourth largest decrease among Organization for Economic Co-operation and Development (OECD) member countries. It also ranked first in terms of decrease in import value.
According to the OECD on the 24th, South Korea's export value in July was 15.5% lower than a year ago. 4th out of 37 OECD member countries, excluding Colombia, for which statistics are not yet compiled.
The decline was large. Norway ranked first with a decrease of 50.2%, followed by Estonia and Lithuania with decreases of 19.4% and 16.4%, respectively.
Among the seven countries with a per capita income of more than $30,000 (approximately 4.45 million yen) and a population of more than 50 million people, South Korea's exports decreased the most.
As deglobalization progresses rapidly due to global currency austerity and the shift to a geopolitical era, small-scale open-economy manufacturing nations like South Korea are struggling. Especially the whole world
Until recently, growth centered on the service industry rather than the manufacturing industry, and the more manufacturing-oriented a nation is, the slower its growth momentum becomes. China, South Korea's No. 1 export country, is re-opening (resuming economic activity)
Despite this, South Korea's exports have weakened due to the lackluster economy, especially in the real estate market, and the slowing recovery in exports to China. In fact, exports to China have decreased for 14 consecutive months.
There is. Imports are shrinking faster than exports. Imports in July were 25.4% lower than a year ago, the largest decline among 37 countries. Among the member countries, South Korea is the only country with a decrease of 20% or more.
It was just that. Imports are thought to have declined further due to the base effect associated with the rise in international crude oil prices in the previous year. Three types of energy such as crude oil, gas, and coal
The import value of Rugi fell by 47% in July. The import value of these three major energy sources reaches 20% of South Korea's total import value.