[Statistics Korea]
South Korea's industrial output fell for three months in a row in January as the economy continues to lose momentum over a slowing Chinese economy and low oil prices, data showed on Wednesday.
In January, production in the mining, manufacturing, gas and electricity industries dropped 1.9 percent from a year earlier, according to Statistics Korea.
Production in the service sector expanded three percent from a year earlier.
In January, South Korea's current account surplus narrowed from a month earlier to $7.06 billion, compared with a surplus of $7.38 billion in the previous month.
The goods account surplus fell to $8.11 billion in January from a $10.68 billion surplus in December. The deficit in the service account widened from $1.7 billion to $1.9 billion.
In February, South Korea's trade surplus was down to $7.4 billion from a surplus of $7.5 billion a year earlier, as a slowdown in the Chinese economy and low oil prices weighed heavily on South Korea's outbound shipments.
Exports in February plunged 12.2 percent on-year to $36.4 billion, marking the 14th consecutive month of on-year drops, the longest streak of negative growth since the country began compiling such data in 1970.
South Korea's exports have dropped every single month since the first month of 2015, plunging 18.5 percent on-year in January alone, the fastest rate of decline since August 2009.
Petroleum products, semiconductors and shipbuilding have been hit hard by a slowdown in global trade and falling crude prices.
For all of 2015, South Korean shipments overseas contracted eight percent -- the steepest fall in six years and the first yearly contraction in three years.
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Park Sae-jin
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