South Korea’s Exports Rise After a Year of Declines

By Kwanwoo Jun

South Korea’s October exports rose for the primary time, after falling for a 12 months, on brisk demand for transport, equipment and different items, the newest signal of a restoration in world demand.

Exports rose 5.1% in contrast with the identical interval a 12 months earlier to $55.09 billion, following a 4.4% drop in September, in response to preliminary knowledge launched by the nation’s commerce ministry on Wednesday. A Wall Street Journal ballot of 11 economists had tipped a 6.1% enhance in October.
The rise in South Korea’s exports, after they contracted for 12 consecutive months, is the newest of signal of bettering world demand. South Korea’s export knowledge are sometimes seen as a bellwether for the well being of world commerce because it is among the first main export-led economies to report month-to-month commerce knowledge.
South Korea’s imports dropped 9.7% in contrast with the identical interval a 12 months earlier to $53.46 billion in October, leading to a commerce surplus of $1.64 billion.
Shipments of autos, ships, equipment and petroleum merchandise elevated noticed robust demand, the information confirmed, whereas shipments of pc chips and petrochemicals declined at a extra reasonable tempo.
Exports to most main world markets, together with the U.S. and China, elevated in contrast with the month earlier than.
South Korean coverage makers have stated they count on exports to proceed to enhance in coming months.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
Corrections & Amplifications
This article was corrected at 0113 GMT to replicate shipments of autos, ships, equipment and petroleum merchandise noticed robust demand. The unique model incorrectly talked about a pc within the fifth paragraph.Dow Jones Newswires
October 31, 2023 20:50 ET (00:50 GMT)