South Korea’s exports fell for the 12th consecutive month in September but logged the smallest on-year decline so far this year, as global demand for semiconductors has been on the recovery track, the industry ministry said Sunday.

Outbound shipments fell 4.4% on-year to $54.66 billion last month, according to the data compiled by the Korean Ministry of Trade, Industry and Energy.

Exports have marked an on-year drop since October last year amid aggressive monetary tightening by the United States and other major economies to bring inflation under control and a global economic slowdown. It is the first time since 2020 that exports have declined for 12 months in a row.

But September saw the smallest on-year fall in exports so far this year, raising hopes for an upturn in the coming months.

The country’s outbound shipments skidded 8.3% in August following a 16.2% decline the previous month. In the first quarter, exports fell 12.7% on-year and the figure for the second quarter stood at 16.2%.

Despite the
fall in exports, the country logged a trade surplus of $3.7 billion in September, the largest volume in two years and the fourth straight gain, as imports marked a sharper decline, South Korea’s Yonhap News Agency reported.

Imports fell 16.5% on-year to $50.96 billion last month, as energy imports retreated 36% on-year, the ministry said. South Korea depends on imports for most of its energy needs.

In June, the country reported a trade surplus for the first time in 16 months following the longest ever shortfall since 1997, which lasted from March 2022 through May 2023 as a result of high energy prices. (QNA)

Source: Qatar News Agency