Korea’s exports rise 5.1% on-year in October

[Photo by Lee Chung-woo]

South Korea’s exports increased in October 2023 compared to the same month a year ago, breaking a year-long slump in exports.

The trade balance also showed a surplus for the fifth consecutive month as exports turned positive.

According to data released by the Ministry of Trade, Industry and Energy on Wednesday, exports in October totaled $55.09 billion, up 5.1 percent from the same month a year ago.

The country’s monthly exports had fallen year-on-year for 12 months from October 2022 to September 2023 due to a slump in semiconductor exports and exports to China, but the latest “export growth” broke the sluggish trend.

While some of the export recovery can be attributed to base effects following a period of declining exports since October 2022, the country’s exports have shown a clear recovery trend in both volume and growth rate since the beginning of this year.

The export value, which had fallen to $46.3 billion in January, steadily increased, reaching $55.09 billion in October, marking the highest level since the export decline began significantly in October 2022.

The rate of export decline, which had peaked at 16.4 percent in January, steadily improved, reaching a yearly low of 4.4 percent in September before turning into export growth in October.

Exports of semiconductors, one of the key export items for the country, fell by 3.1 percent in October, but the decline was the lowest level in the year to date.

Imports in October totaled $53.46 billion, down 9.7 percent from the same month last year, resulting in a trade surplus of $1.64 billion in October, extending the streak of consecutive surpluses since June 2023.