S. Korea’s exports decline slightly in early Oct. ’24

South Korea’s exports saw a 2.9 per cent decline to $32.77 billion in the first 20 days of October, attributed to fewer business days compared to the previous year, according to data from the Korea Customs Service.

However, when considering the daily average, exports actually increased 1.0 per cent. This indicates that despite the fewer working days, South Korea’s exports have maintained an upward trend for the past 12 months.

Exports of semiconductors increased to $7.1 billion, while shipments of automobiles were down 3.3 per cent to $3.19 billion. Oil products, ships, mobile devices, precision machinery, and home appliances all had double-digit declines in exports.

Imports also declined 10.1 per cent to $33.78 billion in October, resulting in a trade deficit of $1.01 billion. Crude oil, coal, oil products, mobile devices, and cars all saw double-digit decreases in imports during this period.

Attribution: Xinhua

Subediting: M. S. Salama