Source: Yonhap
Imports increased by 0.6% year-on-year to $37.6 billion during the aforementioned period, resulting in a trade deficit of $3.74 billion.
By sector, semiconductor exports fell by 6.4% to reach $5.21 billion during the period, while petroleum product exports rose by 14.5% to $3.57 billion, and automobile exports increased by 24.7% to rise to $3.3 billion.
Ship exports jumped by 63% during the aforementioned period to $1.61 billion, according to the data.
By destination, exports to China fell by 6.1% to $7.15 billion, apparently due to a slower-than-expected recovery for Asia’s largest economy.
In contrast, exports to the United States increased by 12.7% to $5.79 billion.
Exports to the European Union fell by 1% to $3.46 billion, while exports to Vietnam increased by 0.6% to $3.16 billion.
Exports declined for the 12th consecutive month in September due to the monetary tightening policy of major economies and the global economic slowdown, but the country recorded a trade surplus for the fourth month in a row against the backdrop of a decline in energy imports.
The government expected a turnaround in exports in October at the earliest, as global demand for Korean semiconductors showed signs of recovery and pledged all-out efforts to support exporters.
The country’s total trade deficit as of last Friday this year amounted to $23.4 billion.