On Thursday, data revealed that South Korea’s exports increased by 9.8 percent year-on-year during the period of September 1-20 due to a higher number of working days. The country’s outbound shipments totaled $36 billion, compared to $32.7 billion in the same period a year ago, as reported by the Korea Customs Service.
Meanwhile, imports dropped 1.5 percent to $36.4 billion, resulting in a trade deficit of $500 million. The number of working days within the period was 15.5, higher than the 13 days recorded in the same period last year.
In August, South Korea’s exports experienced a decline for the eleventh consecutive month, largely due to weak demand for semiconductors and petroleum products. However, the country was able to post a trade surplus for the third straight month.
Exports have been in a downward trend since October 2020, which marks the first time in three years that exports have declined for eleven months in a row.
Shipping containers are stacked at a pier in South Korea's largest port city of Busan, 320 kilometers south of Seoul, on Sept. 1, 2023. (Yonhap)
colin@yna.co.kr
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