{"id":2206570,"date":"2024-09-24T08:00:23","date_gmt":"2024-09-23T23:00:23","guid":{"rendered":"https:\/\/koreapro.org\/?p=2206570"},"modified":"2024-09-23T13:59:10","modified_gmt":"2024-09-23T04:59:10","slug":"semiconductor-surge-helps-south-korea-maintain-trade-surplus-as-oil-imports-fall","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/09\/semiconductor-surge-helps-south-korea-maintain-trade-surplus-as-oil-imports-fall\/","title":{"rendered":"Semiconductor surge helps South Korea maintain trade surplus as oil imports fall"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korea recorded an $800 million <\/span><a href=\"https:\/\/www.customs.go.kr\/kcs\/na\/ntt\/selectNttInfo.do?mi=2891&amp;bbsId=1362&amp;nttSn=10120538&amp;nttSnUrl=148d1598dc5c433b3f1fd07aa81a0acf\"><span style=\"font-weight: 400;\">trade surplus<\/span><\/a><span style=\"font-weight: 400;\"> in the first 20 days of September, according to data released by the Korea Customs Service on Monday. Exports for the period totaled $35.6 billion, down 1.1% year-on-year, while imports fell 4.5% to $34.8 billion. Key export drivers included semiconductors, which rose 26.2%, and computer peripherals, up 75.6%. However, automobile and petroleum product exports declined by 8.8% and 5%, respectively.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Imports from key trading partners such as China and the U.S. also fell, with a notable 14.8% drop in crude oil imports.<\/span><\/p>\n<p><b>WHY IT MATTERS<\/b><\/p>\n<p><span style=\"font-weight: 400;\">South Korea\u2019s slight export decline underscores ongoing challenges in the global economy. However, the U.S. Federal Reserve\u2019s decision to <\/span><a href=\"https:\/\/koreapro.org\/2024\/09\/fed-cuts-interest-rates-by-0-5-narrowing-gap-with-south-korea\/\"><span style=\"font-weight: 400;\">lower its benchmark interest rate<\/span><\/a><span style=\"font-weight: 400;\"> by <\/span><a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/monetary20240918a.htm\"><span style=\"font-weight: 400;\">0.5 percentage points<\/span><\/a><span style=\"font-weight: 400;\"> to 4.75% to 5% will likely spur U.S. consumer spending, potentially benefiting South Korean exporters.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While the country\u2019s trade surplus may provide a buffer against global economic uncertainty, decreased energy imports, especially crude oil, may signal continued pessimistic business sentiments. The Korea Chamber of Commerce revealed in July that the business sentiment index for the third quarter of this year <\/span><a href=\"https:\/\/koreapro.org\/2024\/07\/south-koreas-economic-optimism-masks-growing-risks-and-vulnerabilities\/\"><span style=\"font-weight: 400;\">declined by 10 points<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, South Korea\u2019s continued reliance on the semiconductor sector to lead its export-based economy makes the country vulnerable to cyclical demand changes and global supply chain disruptions.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>South Korea recorded an $800 million trade surplus in the first 20 days of September, according to data released by the Korea Customs Service on Monday. Exports for the period totaled $35.6 billion, down 1.1% year-on-year, while imports fell 4.5% to $34.8 billion. Key export drivers included semiconductors, which rose 26.2%, and computer peripherals, up [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2206001,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24],"class_list":["post-2206570","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Semiconductor surge helps South Korea maintain trade surplus as oil imports fall - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/09\/semiconductor-surge-helps-south-korea-maintain-trade-surplus-as-oil-imports-fall\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Semiconductor surge helps South Korea maintain trade surplus as oil imports fall - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea recorded an $800 million trade surplus in the first 20 days of September, according to data released by the Korea Customs Service on Monday. 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