On Monday, data revealed that South Korea’s exports had grown by 4.6 percent from the same period last year during the first 20 days of October due to strong sales of cars and petroleum products.
Statistics from the Korea Customs Service revealed that the country’s exports totaled $33.8 billion between October 1st and 20th, compared to $32.3 billion in the same period of 2018.
Imports also rose by 0.6 percent year-on-year to $37.6 billion, making the trade deficit for the period $3.74 billion.
September marked the twelfth consecutive month of falling exports due to economic slowdowns and tight monetary policies of major economies. However, the nation still reported a trade surplus for the fourth month running as energy imports decreased.
The government believes that exports will rebound in October with the recovering demand for South Korean semiconductors and is taking steps to support exporters.
Containers are stacked at a port in the southeastern city of Busan on Oct. 11, 2023. (Yonhap)
colin@yna.co.kr
(END)