S. Korea exports grow for 10 straight months

South Korea has recorded its 10th straight month of export growth, totalling $392.5 billion, a 9.8 per cent increase from the previous year, leading to a 14-month trade surplus streak.

The Ministry of Trade, Industry, and Energy announced this positive development during a meeting focused on reviewing export conditions for major items and exploring strategies for further expansion.

The trade balance remained in the black for the 14th consecutive month, with a surplus of $26.8 billion, significantly surpassing the $10.3 billion trade deficit recorded for the entirety of last year.

Key export items demonstrated strong growth, with semiconductors leading the way at $76.9 billion, up 52 per cent year-on-year. Information and technology products followed closely, increasing by 41 per cent to $102.3 billion.

Cars maintained their position as the second-largest export with $42.4 billion (up to per cent), while general machinery followed in third place with $31.1 billion (up 0.2 per cent). Other key exports, such as ships, petroleum products, and petrochemicals, also continued to exhibit growth.

Vice Minister Park Sung-Taek emphasised the remarkable achievement of South Korea’s export growth among the world’s top 10 exporting nations.

He called for continued collaboration between the public and private sectors to leverage all available resources and ensure that export growth persists until the end of the year, aiming for a record-breaking performance.

Attribution: Ministry of Economy and Finance report

Subediting: M. S. Salama