'Exports Up 5.1%' Positive Growth After 13 Months... Highest Performance This Year

Ministry of Trade, Industry and Energy October Export-Import Trends
Trade Surplus of $1.64 Billion... 5 Consecutive Months of Surplus

Last month, exports achieved the highest performance of the year, marking a turnaround to growth after 13 months. The trade balance also recorded a surplus for the fifth consecutive month. Achieving both export growth and a trade surplus simultaneously is the first time in 20 months since February last year.

According to the Ministry of Trade, Industry and Energy on the 1st, last month's export value reached $55.09 billion, a 5.1% increase compared to the same month last year, breaking the year-long decline trend that had continued since October last year.

The average daily export value, adjusted for working days, also rose to $2.62 billion, surpassing the highest performance of this year recorded in September within just one month. Export volume increased by 14.2%, marking positive growth for two consecutive months.

Key export items such as automobiles (19.8%) saw growth for 16 consecutive months, general machinery (10.4%) for 7 consecutive months, home appliances (5.8%) for 5 consecutive months, and ships (101.4%) and displays (15.5%) for 3 consecutive months.

Among the four major export items, petroleum products (18.0%) also saw an increase in exports for the first time in 8 months, driven by rising product prices and increased demand for gasoline and diesel. Exports of petroleum products, ships, displays, and wireless communication devices recorded their highest performance this year.

Semiconductor exports, the largest export item, showed an improving trend with the lowest decline rate (-3.1%) since August last year. Petrochemicals also showed the lowest decline rate this year (-3.2%), maintaining a single-digit decrease for the second consecutive month.

Exports to six out of the nine major export markets achieved positive growth. Exports to the United States ($10.1 billion) recorded the highest performance ever for October. Notably, electric vehicle exports through September ($4 billion) have already surpassed last year's total performance ($3.7 billion). Exports to ASEAN ($10.6 billion) also turned positive after 13 months, with significant increases in key items such as ships and petroleum products. Exports to China, the largest export market, reached $11 billion, achieving over $10 billion for three consecutive months.

Last month's imports decreased by 9.7% year-on-year, influenced by a 22.6% decline in energy imports such as gas (-54.3%) and coal (-26.1%), despite crude oil imports (0.1%) showing a slight increase.

Accordingly, the trade balance recorded a surplus of $1.64 billion, marking five consecutive months of surplus since June this year.

Visit Kyoo, Minister of Trade, Industry and Energy, stated, "Despite difficult external conditions such as the global high-interest rate trend, US-China competition and supply chain restructuring, the Israel-Hamas conflict, and high oil prices, our exports maintained a trade surplus and successfully turned positive. We will make every effort to sustain the upward momentum of exports through the year-end after crossing the golden cross."

Cargo containers are piled up at Pyeongtaek Port. [Aerial photography cooperation = Seoul Metropolitan Police Agency Aviation Unit, Pilots: Inspector Shin Seung-ho - Inspector Park Ji-hwan, Crew: Inspector Park Sang-jin] Photo by Kang Jin-hyung aymsdream@

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