- Wednesday, October 16, 2024
South Korea's exports experienced a welcome boost in October, marking the first positive growth in over a year. The surge in demand for transportation, machinery, and other goods indicates a recovering global demand.
According to preliminary data released by the country's trade ministry on Wednesday, exports rose by 5.1% compared to the same period last year, reaching $55.09 billion. This follows a 4.4% drop in September. A Wall Street Journal poll of 11 economists had predicted a slightly higher increase of 6.1% for October.
The recent uptick in South Korea's exports is a promising indication of improving global demand. The country's export data often serves as a barometer for the health of global trade due to its status as one of the first major export-led economies to report monthly trade figures.
In October, South Korea's imports experienced a decline of 9.7% compared to the previous year, amounting to $53.46 billion. As a result, the country recorded a trade surplus of $1.64 billion.
The data revealed that there was strong demand for vehicles, ships, machinery, and petroleum computers. However, the export of computer chips and petrochemicals experienced a more moderate decline.
Notably, exports to major global markets, including the United States and China, continued to increase when compared to the previous month.
South Korean policymakers have expressed optimism, expecting exports to continue their upward trajectory in the coming months.
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