South Korea Posts Modest Gain in Exports

(MENAFN) South Korea's exports saw a single-digit percentage increase in early September, a rise attributed to a higher number of business days, according to data released Thursday by the Korea Customs Service.

During the initial 10 days of September, exports totaled $19.17 billion, a 3.8% increase compared to the same period the previous year. However, this growth was counterbalanced by a drop in the daily average of exports, which fell 8.4% to $2.26 billion over the 10-day span. The Korea Customs Service indicated that the primary reason for the overall rise was due to a single additional working day within the period.

Sector performance was mixed. Semiconductor exports experienced a significant 28.4% jump, reaching $4.46 billion. Similarly, ship exports soared 55.3% to $900 million. In contrast, automotive shipments declined 1.9% to $1.55 billion, while exports of steel and oil products shrank to $1.24 billion and $1.17 billion, respectively.

Meanwhile, imports surged 11.1% year-on-year to $20.39 billion during the same period, leading to a trade deficit of $1.22 billion. Imports of key commodities and products, including natural gas, coal, oil products, machinery, semiconductor equipment, precision machinery, mobile devices, and cars, all saw double-digit increases.

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