South Korea Oct exports rise for first time in 13 months
2023.10.31 20:48
© Reuters. FILE PHOTO: A truck transports containers at Hanjin Shipping’s container terminal at the Busan New Port in Busan, about 420 km (261 miles) southeast of Seoul August 8, 2013. REUTERS/Lee Jae-Won
SEOUL (Reuters) – South Korea’s exports in October rose in annual terms for the first time in 13 months, trade data showed on Wednesday, coming in only a little weaker than market expectations.
Overseas sales last month by Asia’s fourth-largest economy rose 5.1% year-on-year to $55.09 billion, compared with a median 5.5% gain tipped in a Reuters survey of economists.
It swung from a 4.4% loss the previous month and marked the first annual increase since September 2022.
Imports fell 9.7% to $53.46 billion, narrower than the 16.5% drop the previous month but deeper than a 4.3% decline expected by economists.
As a result, the country posted a trade surplus of $1.64 billion in October, in contrast to economist forecasts for a deficit.
