By Kwanwoo Jun
SEOUL--South Korea's exports shrank in October, crimped by the global recall of Samsung Electronics Co.' defective Galaxy Note 7 smartphone, although the pace of decline was slower than in the previous month.
Exports declined 3.2% in October from a year earlier to $41.95 billion, preliminary data from the trade and industries ministry showed Tuesday, largely in line with the median market forecast for a 3% drop. That followed a 5.9% fall in the previous month.
Imports decreased 5.4% from a year earlier to $34.79 billion in October, compared with a market forecast for a 5% drop, and a revised 1.7% fall in the prior month.
The trade surplus widened to $7.16 billion in October from a revised $6.90 billion in September. The market had forecast a $7 billion surplus in October.
Analysts predict Korea's overseas shipments may gradually pick up, but will likely remain under pressure as the repercussions of the Samsung smartphone debacle drag into next year.
The export-driven economy is still wobbly amid sluggish global trade, lower oil prices and a slowdown in China. Overseas shipments have shrunk in 22 of the last 23 months.
Write to Kwanwoo Jun at firstname.lastname@example.org
(END) Dow Jones Newswires
October 31, 2016 20:36 ET (00:36 GMT)
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