Anchor: Exports expanded for the first time in 13 months in October. The growth was driven by increasing outbound shipments in the country's shipbuilding and automobile industries, as well as improvement trends in the chip sector.
Choi You Sun reports.

Report: South Korea's exports in October expanded on-year for the first time in 13 months since September 2022.

According to the Ministry of Trade, Industry and Energy on Wednesday, outbound shipments jumped five-point-one percent in October from last year to 55-point-09 billion U.S. dollars.

Exports in the shipbuilding industry more than doubled, while shipments of automobiles, petroleum products and displays all surged by double digits.

As for the country's main export item of semiconductors, which had led the decline over the past year, shipments fell three-point-one percent, the smallest on-year drop in 2023.

By region, exports to the U.S., Southeast Asia and Japan increased, with shipments to the U.S. hitting an all-time high for the month at ten-point-one billion dollars.

While exports to China continued to contract, falling nine-point-five percent on-year, the rate has slowed to the single digits for the first time this year.

Imports fell nine-point-seven percent on-year to nearly 53-point-five billion dollars last month due to a contraction in energy purchases, resulting in a trade surplus of one-point-six billion dollars to post a surplus for the fifth consecutive month.

While the government anticipated a recovery in exports to lead growth in the second half of the year, uncertainties remain surrounding escalating tensions in the Middle East and China's export curbs on graphite.
Choi You Sun, KBS World Radio News.