S. Korea’s Exports Rise for 11th Consecutive Month

South Korea's exports rose by 11.4 percent year-on-year for the eleventh consecutive month, reaching a value of USD 57.9 billion in August 2024, driven by strong demand for semiconductors, according to data collected by the Ministry of Trade, Industry, and Energy of Korea. According to the Korean news agency Yonhap, imports also increased by 6 percent year-on-year to USD 54 billion, resulting in a trade surplus of USD 3.83 billion. By sector, semiconductor exports rose by 38.8 percent year-on-year in August to USD 11.9 billion. Ship exports surged by 80 percent year-on-year to USD 2.8 billion. Petroleum product exports increased by 1.4 percent to USD 4.5 billion, marking growth for the sixth consecutive month. In contrast, automobile exports decreased by 4.3 percent to USD 5.1 billion, due to partial production disruptions caused by facility upgrades and wage negotiations. In this regard, Korean Minister of Industry Ahn Duk-gyun stated, "with total exports reaching their highest level in August and conti nued growth in shipments to key trading partners, the country is on track to achieve record exports. Source: Oman News Agency