South Korea’s exports had a smaller decline in September compared to previous months, which is a positive sign for the global economy. Overseas sales fell by 4.4% from the previous year, amounting to $54.66 billion. This decline is less than expected, as economists had predicted a 9.1% decrease. While this marks the 12th consecutive month of declining exports, it is the narrowest decline in that period.
The decline in shipments to China slowed down to 17.6%, the slowest rate in 11 months. On the other hand, exports to the United States increased by 8.5% and exports to the European Union rose by 6.5%. Semiconductors experienced a 13.6% decline in exports, the slowest rate in a year. However, exports of cars, machinery, and ships saw positive growth.
Trade Minister Bang Moon-kyu mentioned that exports have shown signs of improvement and have reached an “inflection point” for transitioning to growth. Imports also decreased by 16.5% to $50.96 billion, which is less than the previous month’s drop of 22.8%. As a result, South Korea had a trade surplus of $3.70 billion in September, marking the fourth consecutive month in surplus and the largest surplus since September 2021.
>>Join our Facebook Group be part of community. <<