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Exports Rebound 7.7% in First Growth in 7 Months

#Hot Issues of the Week l 2020-10-04

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According to data from the Ministry of Trade, Industry and Energy on Thursday, the country's outbound shipments totaled 48 billion U.S. dollars last month.

That’s up seven-point-seven percent from a year earlier, and is the largest gain since October of 2018.

South Korea saw a three-point-six percent growth in exports in February but due to the COVID-19 pandemic, outbound shipments fell for six straight months after that.

The rebound came on the back of increased shipments of semiconductors and cars.

Exports of chips increased by a whopping eleven-point-eight percent on-year, accounting for nearly 20 percent of the monthly export total, and outbound shipments for cars rose by 23-point-two percent for the first turnaround in six months.

Imports inched up one-point-one percent on-year to 39-point-one billion dollars, resulting in a trade surplus of eight-point-eight billion dollars.

Noting that both in and outbound shipments rose, trade officials here suggested that major economies are resuming business activities but cautioned that the U.S.-China trade conflict continues to pose a risk to the export-driven economy.

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