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South Korea Has $2.47 Billion Trade Deficit In May
(RTTNews) - South Korea posted a merchandise trade deficit of $2.47 billion in May, Statistics Korea said on Friday.
That beat forecasts for a shortfall of $4.83 billion following the $1.71 billion deficit in April.
Exports rose 5.4 percent on year, surpassing expectations for an increase of 3.8 percent following the 21.3 percent surge in the previous month.
Imports jumped an annual 19.4 percent versus expectations for an increase of 22.6 percent and down from the 32.0 percent spike a month earlier.
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Bank Of Korea Keeps Rates Steady
The Bank of Korea maintained its interest rate on Thursday as rising house prices and household debt pose risks to the financial stability amid escalating trade tensions weighing on economic growth outlook. The Monetary Policy Board decided to leave the Base Rate unchanged at 2.50 percent.
The bank had previously reduced the benchmark rate by a quarter-point each in May and February.
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