SEOUL – South Korea achieved in October a trade surplus of about $7.3 billion, 5.68 percent more than the same month of 2016, the South Korean government announced on Wednesday.
This marked the 69th consecutive month of positive results for Asia’s fourth largest economy, according to data from the Ministry of Commerce, Industry and Energy and the South Korean customs service.
Outbound shipments in October grew 7.1 percent more year-on-year to $45 billion, thanks to strong demand for semiconductors, vessels and petrochemical products, which grew 69.6 percent, 36 percent and 6.1 percent more, respectively.
This is the 12th consecutive month of growth for South Korea’s exports, which have shown an upward trend since November 2016 thanks to rising oil prices and recovering global trade.
Imports, on the other hand, increased by 7.4 percent year-on-year to $37.7 billion.
South Korea’s exports to China, its largest trading partner, rose 13.5 percent year-on-year as a result of steady demand for semiconductors, computers and petrochemical products.
Meanwhile, South Korea’s outbound shipments to the United States fell by 12 percent compared to October 2016 due to a decline in exports of cars and wireless communication equipment, causing its trade surplus with the world’s largest economy to drop by 28.8 percent year-on-year to $1.3 billion.