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South Korea Posts $9.47 Billion Trade Deficit In August
(RTTNews) - South Korea had a merchandise trade deficit of $9.47 billion in August, Statistics Korea said on Thursday.
That missed expectations for a shortfall of $8.0 billion following the downwardly revised $4.8 billion deficit in July (originally a deficit of $4.67 billion).
Exports were up 6.6 percent on year - exceeding forecasts for an increase of 5.5 percent following the downwardly revised 9.2 percent increase in the previous month (originally 9.4 percent).
Exports surged an annual 28.2 percent versus expectations for a gain of 22.9 percent following the 21.8 percent jump in July.
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Bank Of Korea Cuts Policy Rate By 25 Bps
The Bank of Korea lowered its benchmark rate by a quarter-point to mitigate downside pressure on the economy. The monetary policy board, governed by Rhee Chang Yong, unanimously decided to cut the Base Rate by 25 basis points to 2.50 percent. The bank had previously reduced the benchmark rate by a quarter-point in February.
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