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.
