Exports increased 7.5% year-on-year, reaching $58.7 billion, according to the Ministry of Trade, Industry and Energy.
Korea’s exports recorded a year-on-year increase for the twelfth consecutive month in September, according to data released Tuesday by the Ministry of Trade, Industry and Energy. Exports increased 7.5% year-on-year, reaching $58.7 billion, the ministry said, cited by the Yonhap news agency. Imports, for their part, increased by 2.2% in September, reaching $52.1 billion. Korea’s trade balance posted a surplus of $6.66 billion, marking a 16th consecutive month in positive territory.
By sector, semiconductor exports recorded an increase of 37.1% to $13.6 billion, the eleventh consecutive monthly growth. Automotive exports also increased by 4.9%, reaching $5.5 billion, a record figure for the month of September.
By destination, exports to China, Korea’s largest trading partner, increased by 6.3% ($11.7 billion), while those destined for the United States grew by 3.4% ($10. 4 billion dollars). By 2023, the country’s exports had fallen by 7.4% due to the sluggish semiconductor sector and the global economic slowdown. For this year as a whole, the Korean government is targeting $700 billion in exports.
Sami Nemli with agencies / Les Inspirations ECO
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