South Korea’s export growth slows as external demand moderates
2024.09.30 20:50
SEOUL (Reuters) – South Korea’s export growth slowed in September, with shipments to the United States barely increasing, in an outcome that may support market expectations for an easing of monetary policy as early as next week.
Exports increased 7.5% in September from a year ago, decelerating from an 11.2% rise in the previous month, the customs service agency reported on Tuesday.
The result, which beat the 6.5% consensus estimate from analysts, was driven by slower shipments growth of 1% to the United States in September after increasing 11% in August.
Tuesday’s data comes amid growing market expectations that the Bank of Korea may cut policy interest rates from 3.50%, the highest since late 2008, at an upcoming rate-setting meeting next Friday as growth concerns overshadow inflation worries.
Imports climbed 2.2%, falling short of the 3.0% rise forecast by analysts.
The preliminary trade surplus widened to $6.66 billion from $3.77 billion a month earlier.
In September, there were also fewer working days due to a longer break for the Chuseok thanksgiving holiday.
