South Korea’s exports rose for the first time in 13 months in October, per data released by the Ministry of Trade, Industry and Energy. Outbound shipments increased by 5.1% year-on-year to reach $55 billion, attributing the surge to strong automobile exports, which marked a 16-month growth streak with a 19.8% boost to $5.88 billion, especially driven by demand from North America and Europe. Exports of petroleum products also rose by 18%, reaching $5.26 billion. However, the semiconductor sector saw a 3.1% decrease in exports, amounting to $8.94 billion, even though this decline was the smallest since Aug. 2022.
By region, exports to the U.S. increased by 17.3%, reaching $10.1 billion, primarily driven by the robust demand for cars, machinery and mobile devices. In contrast, shipments to China dropped by 9.5% to $11 billion, primarily due to a decline in steel and display panel exports. Industry minister Bang Moon-kyu commented on the growth, emphasizing the challenges like U.S.-China tensions, global conflicts and high oil prices while affirming the government’s commitment to supporting continued export growth.
South Korea’s exports rose for the first time in 13 months in October, per data released by the Ministry of Trade, Industry and Energy. Outbound shipments increased by 5.1% year-on-year to reach $55 billion, attributing the surge to strong automobile exports, which marked a 16-month growth streak with a 19.8% boost to $5.88 billion, especially driven by demand from North America and Europe. Exports of petroleum products also rose by 18%, reaching $5.26 billion. However, the semiconductor sector saw a 3.1% decrease in exports, amounting to $8.94 billion, even though this decline was the smallest since Aug. 2022.
By region, exports to the U.S. increased by 17.3%, reaching $10.1 billion, primarily driven by the robust demand for cars, machinery and mobile devices. In contrast, shipments to China dropped by 9.5% to $11 billion, primarily due to a decline in steel and display panel exports. Industry minister Bang Moon-kyu commented on the growth, emphasizing the challenges like U.S.-China tensions, global conflicts and high oil prices while affirming the government’s commitment to supporting continued export growth.
Get your
KoreaPro
subscription today!
Unlock article access by becoming a KOREA PRO member today!
Unlock your access
to all our features.
Standard Annual plan includes:
-
Receive full archive access, full suite of newsletter products
-
Month in Review via email and the KOREA PRO website
-
Exclusive invites and priority access to member events
-
One year of access to NK News and NK News podcast
There are three plans available:
Lite, Standard and
Premium.
Explore which would be
the best one for you.
Explore membership options