S. Korean ex­ports con­tinue 17-month fall

China Daily (Canada) - - BUSINESS -

in the year toMarch 2016, ac­cord­ing to the Aus­tralian Bureau of Sta­tis­tics, ver­sus 2.8 per­cent ex­pected and 2.9 per­cent in the fourth quar­ter of 2015, thanks to re­bound­ing con­sumer spend­ing, net ex­ports and a vi­brant hous­ing sec­tor. It was the fastest pace of yearly ex­pan­sion since the third quar­ter of 2012. “The econ­omy is show­ing a tran­si­tion from min­ing­based in­vest­ment to pro­duc­tion with new en­gi­neer­ing con­struc­tion fall­ing for the 10th con­sec­u­tive quar­ter and min­ing pro­duc­tion grow­ing,” the ABS said in a state­ment. South Korea’sMay ex­ports fell for the 17th month run­ning, although at the slow­est rate this year, a govern­ment re­port showed on Wed­nes­day. Ex­ports ac­count for about half of the ex­port-driven econ­omy, and shed 6.0 per­cent from a year ear­lier to $39.8 bil­lion, ac­cord­ing to theMin­istry of Trade, In­dus­try and En­ergy. The coun­try’s ex­ports posted a dou­ble-digit re­duc­tion this year ex­cept for March, when the ship­ments con­tracted 8.2 per­cent.

SHAO RUI / XIN­HUA

Stu­dents sit­ting in a model of the Shen­zhou space­craft at Xi’an Skycity in Shaanxi prov­ince. The site plays host to a cen­ter for space ex­plo­ration, and Xi’an con­tin­ues to re­main one of China’s most pop­u­lar tourist cities.

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