Korea: Merchandise exports increase at a slower rate in September
Latest reading: Merchandise exports rose 7.5% annually in September (August: +11.2% year-on-year). Once again, semiconductors exports were the key driver thanks to surging global AI demand. Exports to key markets such as China, the U.S. and the EU all rose. Meanwhile, merchandise imports rose 2.2% on an annual basis in September (August: +6.0% yoy).
As a result, the merchandise trade balance improved from the previous month, recording a USD 6.7 billion surplus in September (August 2024: USD 3.8 billion surplus; September 2023: USD 3.7 billion surplus). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 46.5 billion surplus in September, compared to the USD 43.5 billion surplus in August.