South Korea experiences a third consecutive monthly decline in exports

As the demand from China and Europe is weakening so are the South Korean exports, which have declined by 0.4% from the previous USD 47.2 billion, as stated by the Ministry of Knowledge Economy. The ministry also provided export figures based on the initial 20 days in May signifying that the overseas sales to the E.U. plunged by 16.4%, exports declined by 10.3% and 16.5% to China and the U.S. respectively. As a result, the slump builds up tension for the central bank to reconsider increasing the interest rates. South Korea being the 4^th largest economy in the Asian region has underwent the most rapid boost in a one year period in Q1 and the ministry is attempting to continue the progress.