SEJONG, Nov. 1 (Yonhap) — South Korea’s exports had a positive year-on-year change for the first time in thirteen months in October, due to robust vehicle shipments, according to data released Wednesday by the Ministry of Trade, Industry and Energy.
Outbound shipments rose 5.1% year-on-year to $55 billion in October, resulting in a trade surplus of $1.64 billion, the fifth consecutive month of surplus.
Imports dropped 9.7% year-on-year to $53.4 billion in the same month, the data showed.
Since October 2022, exports had been in decline due to the tightening of monetary policies by the United States and other major economies to combat inflation and global economic recession.
A photo taken on October 11, 2023, shows containers of exports and imports stacked at a pier in the southern port city of Busan. (Yonhap)