SEJONG, Nov. 1 (Yonhap) — South Korea’s exports increased for the first time in 13 months in October, as bolstered automobile shipments and signs of improvement in the semiconductor industry were observed, according to data released Wednesday by the Ministry of Trade, Industry and Energy.
Outbound shipments totaled $55 billion, a 5.1 percent rise from the same period last year, while imports dropped 9.7 percent to $53.4 billion, resulting in a trade surplus of $1.64 billion.
Exports of automobiles saw a 19.8 percent surge, while machinery products and home appliances also increased 10.4 percent and 5.8 percent, respectively. Semiconductor exports, a key driver of the South Korean economy, decreased 3.1 percent, though this was the smallest drop since August 2022.
Exports to the U.S. amounted to $10.1 billion, the highest figure for any October, while shipments to China, the top trading partner, dropped 9.5 percent to $11 billion.
Industry Minister Bang Moon-kyu noted the resilience of the exports despite the “challenging external conditions,” including high borrowing costs, the U.S.-China tension, the Israel-Hamas conflict and high oil prices.
Bang added that the government will continue to make efforts to prevent other potential risks, including China’s export control of graphite, from having an adverse impact on South Korea’s outbound shipments.
Exports had been decreasing year-on-year since October 2022 through September, due to aggressive monetary tightening by the United States and other major economies to bring inflation under control and a global economic slowdown.
Containers for exports and imports are stacked at a pier in the southern port city of Busan in this file photo taken on Oct. 11, 2023. (Yonhap)
colin@yna.co.kr
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