South Korean exports are now in positive territory after a year of declines.
According to figures released by Korea’s Ministry of Trade, Industry and Energy, Korea’s exports in October were worth US$55.09 billion, an increase of 5.1% from the same month last year. Since Korea’s monthly export value had fallen continuously from October 2022 to September 2023, this was the first export increase for 23 months.
Exports of semiconductors, Korea’s biggest export item, were valued at US$8.94 billion in October, representing a year-over-year decline of 3.1%.