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SEOUL: South Korea’s exports grew at their slowest pace in nearly two years in September as weaker global demand put pressure on trade-dependent economies.

International sales grew just 2.8% in September, below 2.9% according to analysts polled by Reuters, the slowest growth since October 2020.

Imports rose 18.6%, better than the 16.4% expansion expected in the survey, but slowed from the 28.2% increase in August.

This resulted in a trade balance deficit of $3.77 billion, marking the sixth consecutive month of deficits.

By destination, shipments to the United States increased by 16.0%, but shipments to China decreased by 6.5% and shipments to the European Union decreased by 0.7%. South Korea’s September exports record slowest growth in nearly two years

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