SEOUL: South Korea's trade conditions showed improvement for the fourth straight month in September, with import costs declining more rapidly than export prices.
According to Yonhap News Agency, The country's net terms-of-trade index for goods increased by 4.5 percent compared to the same month last year.
The terms-of-trade index is a measure that shows how much a country can import for each unit of export. A lower figure indicates worse trade conditions. The index is calculated by dividing export prices by import prices.
Although the country's exports decreased for the 12th consecutive month, September recorded the smallest year-on-year decline so far in 2021. Government data showed that outbound shipments decreased by 4.4 percent year-on-year to US$54.66 billion. This comes as global demand for semiconductors, a key export for South Korea, has been recovering.