S. Korea Posts Sharp Decline in October Exports
(MENAFN) South Korea’s exports declined by 7.8 percent during the first 20 days of October, falling to $30.14 billion, customs data revealed Tuesday. The decrease is largely attributed to a reduction in working days, as this year’s Chuseok holidays—the nation’s Thanksgiving equivalent—occurred in October, shortening the business calendar by two days, according to the Korea Customs Service.
While semiconductor exports surged 20.2 percent to reach $8.53 billion, several key sectors experienced significant downturns. Exports of automobiles, steel products, mobile devices, auto parts, precision machinery, and home appliances all contracted by double-digit percentages.
Trade with major partners also weakened sharply. Shipments to the United States plummeted 24.7 percent, with exports to Vietnam, the European Union, and Japan each registering double-digit declines.
Imports fell 2.3 percent to $32.99 billion over the same period, resulting in a trade deficit of $2.85 billion. Notably, imports of natural gas, oil products, semiconductor equipment, coal, and mobile devices plunged by double digits, while crude oil and automobile imports recorded double-digit growth.
The data paints a mixed picture for South Korea’s trade landscape amid shifting global demand and calendar disruptions.
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