{"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":"<p><span style=\"font-weight: 400;\">South Korea\u2019s exports reached a record <\/span><a href=\"https:\/\/www.motie.go.kr\/kor\/article\/ATCL3f49a5a8c\/169727\/view?mno=&amp;pageIndex=1&amp;rowPageC=0&amp;displayAuthor=&amp;searchCategory=0&amp;schClear=on&amp;startDtD=&amp;endDtD=&amp;searchCondition=1&amp;searchKeyword=#\"><span style=\"font-weight: 400;\">$57.52 billion<\/span><\/a><span style=\"font-weight: 400;\"> 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<p><span style=\"font-weight: 400;\">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<p><b>WHY IT MATTERS<\/b><\/p>\n<p><span style=\"font-weight: 400;\">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><a href=\"https:\/\/www.bok.or.kr\/portal\/bbs\/B0000501\/view.do?nttId=10087609&amp;searchCnd=1&amp;searchKwd=&amp;depth2=200038&amp;depth3=201263&amp;depth=201263&amp;pageUnit=10&amp;pageIndex=1&amp;programType=newsData&amp;menuNo=201264&amp;oldMenuNo=201263\"><span style=\"font-weight: 400;\">Bank of Korea (BOK) estimates<\/span><\/a><span style=\"font-weight: 400;\">, 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><a href=\"https:\/\/koreapro.org\/2024\/10\/imf-maintains-koreas-2024-growth-at-2-5-cuts-2025-forecast-to-2-2\/\"><span style=\"font-weight: 400;\">2.4% target<\/span><\/a><span style=\"font-weight: 400;\">, GDP would need to rise by 1.2% in the final quarter.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/inter-korean-foreign-relations\/\"><span class=\"tag\">Inter-Korean &amp; Foreign Relations<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>South Korea\u2019s exports reached a record $57.52 billion 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, [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2206740,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,28],"class_list":["post-2207015","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-inter-korean-foreign-relations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korea\u2019s exports hit all-time high as external challenges intensify - 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\/11\/south-koreas-exports-hit-all-time-high-as-external-challenges-intensify\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea\u2019s exports hit all-time high as external challenges intensify - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea\u2019s exports reached a record $57.52 billion in October, marking the highest monthly figure for three consecutive months and a 4.6% year-on-year increase. 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