October exports reach $55.55 billion... 12 consecutive months of growth (Update)

Ministry of Industry, October Export and Import Trends

(Photo) [Image source=Yonhap News]

[Asia Economy Reporter Jusangdon Joo] Last month, export value increased by about 24% compared to the same period last year, continuing the growth trend for 12 consecutive months.

According to the Ministry of Trade, Industry and Energy on the 1st, October exports amounted to $55.55 billion, a 24.0% increase compared to the same period last year.

An official from the Ministry stated, "Exports showed 12 consecutive months of growth and eight consecutive months of double-digit high growth rates," adding, "The export value ranked second highest ever on a monthly basis following September ($55.83 billion), and continued the streak of monthly exports exceeding $50 billion for eight consecutive months."

Also, the cumulative export value from the beginning of this year to October reached $523.2 billion, surpassing last year's total annual export value ($512.5 billion). The export value from January to October exceeded that of 2018 ($505.2 billion), ranking first.

Among the 15 major items, 13 items excluding automobiles and auto parts showed solid growth. Automobile exports decreased by 4.7% due to partial production adjustments caused by supply disruptions of vehicle semiconductors and a high base effect from October last year. Accordingly, auto parts exports also decreased by 1.2%. By region, exports increased in all nine major regions for seven consecutive months for the first time ever.

October imports amounted to $53.86 billion, a 37.8% increase compared to the same period last year. The trade balance recorded a surplus of $1.69 billion, marking 18 consecutive months of surplus.

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