Spending rose by 1.3% from April 2023 to May 2023, according to a June 29 statement from the economy ministry, beating economists’ expectations of a 0.8% increase.

Despite the volume drop-off, the company behind Cheerios and Bisquick pancake mix increased its revenues through core business operations by 3% during the most recent quarter.

The shortfall in goods trade narrowed by 6.1% to $91.1 billion, according to Commerce Department data released on June 28.

In May 2023, exports from South Korea were down 11% over the last 12 months when compared to levels recorded during September 2022.

China imported just 490,000 tons of cotton during the first five months of 2023, half the amount compared to the same period in 2022. 

The value of core capital goods orders increased by 0.7% during May after a downwardly revised 0.6% gain during April 2023, according to Commerce Department figures.

Temu and Shein utilized a special legal exemption to “avoid import duties and minimize the likelihood" that packages will be screened for UFLPA compliance the report said.

The company will launch an online marketplace in Mexico followed by rollouts in Germany, Spain, France and Italy during the third quarter of 2023.

The deal comes on the back of a recent foray into the U.S. logistics sector that saw the family office spend close to a billion dollars on warehouses across the country.

The firm said most of the new roles for refugees would be in areas such as fulfilment and distribution.