Korea’s exports extend on-year gains to 12th straight month in September

SEOUL: The Republic of Korea's exports extended on-year gains to the 12th straight month in September, data showed Tuesday, on the back of robust shipments of chips. Yonhap News Agency quoted the Ministry of Trade, Industry and Energy as saying that outbound shipments rose 7.5 percent on-year to US$58.7 billion last month. Imports added 2.2 percent on-year to $52.1 billion, resulting in a trade surplus of $6.66 billion. Korea has been maintaining a trade surplus for 16 consecutive months. By sector, exports of semiconductors moved up 37.1 percent to $13.6 billion, maintaining an on-year growth for 11 consecutive months. Outbound shipments of automobiles also gained 4.9 percent to $5.5 billion, marking the highest amount for any September. By destination, exports to China increased 6.3 percent to $11.7 billion. Shipments to the US also rose 3.4 percent to $10.4 billion, the highest for any September as well. Source: Emirates News Agency