South Korea’s Exports Surge for 13th Consecutive Month in October
Seoul, South Korea – South Korea’s exports continued their upward trajectory in October,marking the 13th consecutive month of year-on-year growth, according to data released by the Ministry of Trade, Industry and Energy on Thursday.The country’s exports reached $57.52 billion, representing a 4.6% increase compared to the same period last year.
Therobust performance was driven by strong demand for key export products, particularly semiconductors and automobiles. Semiconductor exports, the nation’s largest export item, surged by 40.3% year-on-year to $12.54 billion, marking the 12th consecutive month of growth. This surge can be attributed to increased demand for high-value products such as High Bandwidth Memory (HBM) and DDR5 memory chips.
Meanwhile, automobile exports also saw asignificant increase, rising 5.5% to $6.2 billion. This growth was fueled by a global recovery in demand for vehicles and the continued popularity of Korean car brands.
Looking at regional performance, exports to China saw a notable increase of 10.9% to $12.2 billion,marking the highest value in 25 months and exceeding $10 billion for the eighth consecutive month. This growth was driven by strong demand for semiconductors and petrochemical products.
The sustained growth in exports is a positive sign for the South Korean economy, which has been facing challenges from global economic uncertainties and rising inflation.The continued strength of the export sector is expected to contribute to economic stability and growth in the coming months.
However, experts caution that the global economic outlook remains uncertain, with potential risks such as rising interest rates and geopolitical tensions. Continued monitoring of global economic trends and proactive measures to address potential challenges will be crucial for maintaining the positivemomentum in South Korea’s export sector.
References:
- Yonhap News Agency. (2024, November 1). South Korea’s exports rise for 13th straight month in October. Retrieved from https://www.yna.co.kr/view/AKR20241101000000004
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