Asia: South Korea trade growth slows

Global trade tensions have trickled over its effects to Korea, as the nation reported a slow down in both imports and exports in June.

Exports were down 0.1 per cent from a year earlier while imports were up 10.7 per cent in the same period, which both underperformed forecasts for the year.

Shipments of cars and consumer electronics fell sharply as Korea finds itself stuck in the blizzard of protectionism from the US, China and the European Union and will undoubtedly witness more tariffs and quotas that could further drag its outlook for the second half of the year.

As many Korean exports to China, its largest trading partner, are intermediate goods to be sold elsewhere, the brewing US-China trade war has Korean policymakers concerned.

On the flip side, imports look to face a tougher environment as domestic consumers are looking to reel in spending in the coming year, according to RFi Group data.

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