South Korea’s current account data showed that overall exports rose 1.1 per cent in June from a year earlier on a customs-cleared basis. But shipments of major items to key regions faltered along with the global economy.

Sales to European countries fell 19.7 per cent in June from a year earlier after a 0.9 per cent year-on-year decline in May.

Shipments to China, South Korea’s largest export market, dropped 2.4 per cent after May’s 5 per cent fall. Exports to the US declined 0.3 per cent following an 8.4 per cent fall the previous month.

The service account, which includes spending by South Koreans on overseas trips, posted a surplus of $170.1 million (€138.6 million) in June, down sharply from a surplus of $1.59 billion (€1.29 billion) in May.

The primary income account, which tracks wages of foreign workers and dividend payments overseas, recorded a surplus of $901.8 million (€734.6 million) in June, up from a $341.6 million (€278.2 million) surplus in May.