SEOUL (Reuters) – South Korea’s exports rose for an eleventh straight month in August, however the tempo of development was weaker than the earlier month and market expectations as demand for pc chips slowed, whereas auto gross sales remained sluggish.
Abroad gross sales by Asia’s fourth-largest financial system rose 11.4% year-on-year to $57.90 billion, commerce knowledge confirmed on Sunday, slowing from a acquire of 13.9% within the earlier month, which was the quickest in six months.
It was additionally weaker than a 13.0% improve tipped in a Reuters survey of economists.
Progress in semiconductor exports slowed to a five-month low, whereas auto gross sales fell for a 3rd consecutive month as a consequence of momentary elements, akin to wage negotiations and manufacturing facility suspensions to enhance manufacturing traces at some corporations.
By vacation spot, exports to China rose at a slower tempo, however development in U.S.-bound shipments quickened. Exports to the European Union snapped a six-month run of declines and surged 16.1% to a document excessive of $6.4 billion.
But, exports are heading in the direction of a record-high efficiency this yr, commerce minister Ahn Duk-geun mentioned. “Growing trends are seen across major export markets.”
Imports rose 6.0% in August to $54.07 billion, after a ten.5% soar in July, which was the steepest since September 2022. It was barely decrease than a acquire of 6.3% anticipated by economists.
In consequence, the nation posted a commerce surplus of $3.83 billion in August, wider than the earlier month’s $3.60 billion.
(This story has been refiled to appropriate grammatical errors in paragraphs 1 and three)
