Korea: Merchandise exports grow at a slower rate in October
Latest reading: Merchandise exports increased 4.6% annually in October, on the heels of September’s 7.5% increase. October’s outturn marked the weakest expansion since March and was below market expectations. Once again, IT exports—particularly semiconductors—were the key driver of export growth thanks to surging global AI demand. In contrast, oil exports plummeted amid low oil prices, and ship sales fell after the previous month’s surge. Meanwhile, merchandise imports expanded 1.7% over the same month last year in October (September: +2.2% yoy).
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 3.2 billion surplus in October (September 2024: USD 6.7 billion surplus; October 2023: USD 1.5 billion surplus). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 47.9 billion surplus in October, compared to the USD 46.3 billion surplus in September.