Seoul: South Korea’s exports experienced a 3.6 percent increase in October compared to the same period last year, marking the fifth consecutive month of growth. This rise is attributed to strong demand for semiconductors, as indicated by government data released on Saturday. Despite a decline in shipments to the United States, South Korea’s outbound shipments reached US$59.57 billion last month.
According to Yonhap News Agency, the data compiled by the Ministry of Trade, Industry and Resources shows that the country’s exports have consistently posted an on-year gain since June. In contrast, imports saw a 1.5 percent decrease year-on-year, amounting to $53.52 billion, which led to a trade surplus of $6.06 billion.
This continued growth in exports, driven by robust semiconductor demand, highlights the sector’s significance to South Korea’s economy, even as other markets show varying levels of performance.