MRC -- South Korean exports rose in October for the first time in 13 months as semiconductors, the country’s top export item, are on course to regain momentum, raising hopes for a faster recovery in Asia’s fourth-largest economy, said Kedglobal.
Overseas sales grew 5.1% to $55.1 billion last month from a year earlier, marking the first year-on-year growth since September 2022, showed data from the Ministry of Trade, Industry and Energy on Wednesday. Imports lost 9.7% on-year to $53.5 billion, resulting in a trade surplus of $1.6 billion.
“Exports are expected to lead the economic growth from now on,” Minister of Trade, Industry and Energy Bang Moon Kyu said in a statement.
The country reported an export drop in September for the 12th straight month, adding to concerns that the economy may miss the central bank’s growth target of 1.4% for this year. The economy expanded 0.6% in the third quarter from the previous three months on a seasonally adjusted basis, according to the Bank of Korea’s advance estimates last month.
Concerns have eased as October exports rebounded amid signs that overseas sales of semiconductors are poised to recover in the near term.
We remind, South Korea may snap its 12-month-long losing streak in exports this month after it reported an on-year gain in exports in the first 20 days of October despite fewer working days thanks to brisk sales of its cars and ships abroad.