SEOUL, – South Korea’s exports slowed their fall in September, in contrast to market expectations, marking the mildest decline in a yearlong downturn, a hopeful sign for the global economy from the bellwether industrial economy.
Overseas sales by Asia’s fourth-largest economy fell 4.4 percent from a year earlier to $54.66 billion, trade data showed on Sunday, compared with an 8.3 percent loss in August and a 9.1 percent decline tipped in a Reuters survey of economists.
It was the 12th consecutive month of a decline in exports but the narrowest in the streak.
The decline in China-bound shipments eased to 17.6 percent , the slowest in 11 months, while exports to the United States rose 8.5 percent and those to the European Union by 6.5 percent .
Exports of semiconductors fell 13.6 percent , the slowest in a year. Exports of cars rose 9.5 percent , machinery gained 9.8 percent , and ships jumped 15.4 percent .
Trade Minister Bang Moon-kyu said exports continued to improve and that they were now at the “inflection point” for a transition to growth.
Imports fell 16.5 percent to $50.96 billion, also milder than the 22.8 percent drop the previous month and the median 17.6 percent forecast.
As a result, the country posted a trade surplus of $3.70 billion in September. It was the fourth straight month in surplus and the widest since September 2021.
South Korea should maintain current, restrictive monetary and fiscal policies as it needs to take steps to return to sustainable finances and address inflation, the International Monetary Fund (IMF) said earlier. – Reuters
