South Koreas Exports Shrink in Sept.

(MENAFN- Qatar News Agency) South Koreas trade surplus widened from a year earlier last month despite a slight drop in exports as its imports shrank at a faster rate, the government said Tuesday. In September, the countrys exports dropped 1.5% from the same month last year to $44.74 billion, according to the South Korean Ministry of Trade, Industry and Energy. Its imports dropped 3.6% on-year to about $41.03 billion with its trade surplus coming to $3.71 billion, (Yonhap) news agency reported. The trade surplus for September compares with a surplus of $3.07 billion in September 2012. It, however, marks a drop from a surplus of $4.85 billion posted in August. By nation, the countrys exports to the 10-member countries of the Association of Southeast Asian Nations gained 5% on-year with shipments to Latin American countries also growing 4.7%. Shipments to China gained only 1.4% on-year while those to the United States slipped 0.7%. Imports dropped as the countrys purchase of raw materials shrank 2.7% on-year with its purchase of consumer goods plunging 19.2%.