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Korea posts trade surplus for 5th month in September

Christian Fernsby ▼ | October 15, 2020
South Korea posted trade surplus for five straight months to September thanks to faster growth in export than import, customs office data showed on Thursday.
Korea street
Surplus   Korea street
Revised figure for trade surplus amounted to 8.7 billion U.S. dollars in September, staying in the black since May, according to Korea Customs Service.

Topics: Korea

Export, which accounts for about half of the export-driven economy, grew 7.6 percent over the year to 48.0 billion U.S. dollars last month, while import added 1.6 percent to 39.3 billion U.S. dollars.

Shipment for semiconductors, cars and auto parts advanced in double figures in September from a year earlier, but oil product export tumbled in double digits amid cheaper crude oil.

Consumer electronics export expanded 6.7 percent, but shipment of telecommunication devices such as smartphone reduced 4.2 percent in the month.

Export to China, South Korea's biggest trading partner, increased 8.2 percent, with those to the United States, the European Union (EU) and Vietnam posting a double digit expansion.

Shipment to Japan and the Middle East slipped in single digit last month.