World Economy

South Korea Exports Rise 6.9%

South Korea Exports Rise 6.9%South Korea Exports Rise 6.9%

South Korea’s exports rose 6.9% during the first 20 days of October compared to a year earlier, led by brisk sales in semiconductors and ships, data showed Saturday, Yonhap reported. Asia’s fourth-largest economy shipped out $26.7 billion worth of goods from Oct. 1-20, despite short working days during the long-haul Chuseok holiday that ran for the first 10 days of the month, according to the data from the Korea Customs Service. Overseas sale of ships and memory chips soared 118.5% and 80.8%, respectively, on-year to contribute to overall growth. Exports to China and European Union each rose 10.8% and 13.9%, while those to the United States and Japan declined 21.9% and 18.1%, respectively. Imports also climbed 3.1% to $24.1 billion for a trade surplus of $2.6 billion. If this trend continues, exports are expected to rise for 12 consecutive months, the customs service said.The country’s exports have been on a steady rise since last November, led by an upturn in oil prices and recovering global trade.

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