SEOUL, Oct. 1 (Yonhap) — South Korea’s exports declined for the 12th consecutive month in September due to weakened demand for semiconductors, but the nation reported a trade surplus for the fourth month in succession, the industry ministry stated Sunday.
Exports decreased 4.4 percent year-on-year to US$54.66 billion last month, based on figures compiled by the Ministry of Trade, Industry and Energy.
Nevertheless, the country reported a trade surplus of $3.7 billion in September, the fourth consecutive gain, as imports showed a sharper decrease.
Imports plummeted 16.5 percent year-on-year to $50.96 billion last month, as energy imports declined 36 percent year-on-year, the ministry said. South Korea relies on imports for most of its energy needs.
In June, the nation reported a trade surplus for the first time in 16 months after the longest ever deficit since 1997, which lasted from March 2022 through May 2023 due to high energy prices.
This file photo taken Sept. 21, 2023, shows a port in the southeastern city of Busan. (Yonhap)