South Korea's exports decline for 12th consecutive month amid weak global demand

Seoul, October 01, 2023, South Korea's exports have faced their 12th consecutive monthly decline, primarily attributed to weakening global demand for its products, including semiconductors and oil-related items. Government data reported by Xinhua News Agency reveals that in September, exports, accounting for approximately half of South Korea's economy, contracted by 4.4% compared to the previous year, amounting to $54.66 billion. This declining trend in exports has persisted since October of the preceding year, as confirmed by the country's Ministry of Trade, Industry, and Energy.

Meanwhile, imports experienced a substantial drop of 16.5%, reaching $50.96 billion in the same month, when compared to the corresponding period in the previous year. Consequently, the trade balance for September recorded a surplus of $3.7 billion.