{"id":2207015,"date":"2024-11-04T08:00:58","date_gmt":"2024-11-03T23:00:58","guid":{"rendered":"https:\/\/koreapro.org\/?p=2207015"},"modified":"2024-11-03T23:41:54","modified_gmt":"2024-11-03T14:41:54","slug":"south-koreas-exports-hit-all-time-high-as-external-challenges-intensify","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/11\/south-koreas-exports-hit-all-time-high-as-external-challenges-intensify\/","title":{"rendered":"South Korea\u2019s exports hit all-time high as external challenges intensify"},"content":{"rendered":"
South Korea\u2019s exports reached a record <\/span>$57.52 billion<\/span><\/a> in October, marking the highest monthly figure for three consecutive months and a 4.6% year-on-year increase. Semiconductors, automobiles and bio-health products were top performers, driving positive growth in exports to the U.S. and China. Imports rose slightly to $54.35 billion, resulting in a $3.17 billion trade surplus, the 17th consecutive monthly surplus.<\/span><\/p>\n South Korean trade minister Ahn Duk-geun noted the need for continued vigilance amid global uncertainty, citing risks from the U.S. presidential election and ongoing geopolitical tensions.<\/span><\/p>\n WHY IT MATTERS<\/b><\/p>\n October\u2019s strong export performance could give the South Korean economy a boost as it faces difficulty meeting 2024 growth targets set at mid-2 percent. According to <\/span>Bank of Korea (BOK) estimates<\/span><\/a>, GDP grew just 0.1% in the third quarter, following a 1.3% increase in the first quarter and a 0.2% contraction in the second. To meet the BOK\u2019s <\/span>2.4% target<\/span><\/a>, GDP would need to rise by 1.2% in the final quarter.<\/span><\/p>\n South Korea\u2019s October exports to China and the U.S. rose by 10.9% and 3.4%, respectively. However, South Korea\u2019s export outlook faces risks from external factors. The upcoming U.S. presidential election could lead to changes in U.S. trade policy. A more protectionist U.S. trade stance will likely lead to higher tariffs, which will make it more challenging for South Korean firms to remain competitive in the U.S. market.<\/span><\/p>\n