[Breaking] September Exports Turn Positive After 7 Months... Simultaneous Entry into $40 Billion and $2 Billion Ranges

[Image source=Yonhap News]

[Asia Economy Reporter Moon Chaeseok] Our exports turned positive for the first time in 7 months. The government’s declared target of 'total $40 billion range, daily average $2 billion range' has been reached.

According to the 'September Export-Import Trends' announced by the Ministry of Trade, Industry and Energy on the 1st, last month’s export amount was $48.05 billion, an increase of 7.7% compared to the same month last year.

Last month had 23 working days, 2.5 days more than 20.5 days in September of the previous year.

Our exports recorded $41.178 billion (daily average $1.834 billion) in February, an increase of 4.3% compared to the same month last year, turning positive for the first time in 7 months.

March was -0.7%, April -25.1%, May -23.6%, June -10.9%, July -7.1%, August -10.1%, then last month showed an increasing trend again.

Considering the number of working days, the daily average export amount was $2.089 billion, a decrease of 4% compared to the same month last year. The daily average export amount recorded the highest value this year.

This is the first time in 8 months since January’s $2.016 billion (Ministry of Industry provisional figure) that the daily average export amount reached the $2 billion range.

June was -18.4%, July -7.1%, August -4%, and last month -4%, showing a single-digit decrease rate for three consecutive months.

Earlier, Sung Yun-mo, Minister of Trade, Industry and Energy, said on the 29th of last month, "September exports are expected to turn positive for the first time since the COVID-19 pandemic," and "It is expected to simultaneously enter the total export amount of the $40 billion range and the daily average export amount of the $2 billion range for the first time since COVID-19."

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, also said on the 30th of last month, "September exports are expected to turn positive for the first time in 7 months since February," and "The daily average export decline rate narrowed to single digits in July and August."

This content was produced with the assistance of AI translation services.