SEOUL, Nov. 1 (Xinhua) — South Korea’s export marked the primary rebound in 13 months in October as a consequence of a slower fall in export for locally-made semiconductors and powerful automotive demand, authorities knowledge confirmed Wednesday.
Export, which accounts for about half of the export-driven financial system, gained 5.1 p.c from a yr earlier to 55.09 billion U.S. {dollars} in October, after sliding for the previous yr, in keeping with the Ministry of Trade, Industry and Energy.
The day by day common cargo logged this yr’s month-to-month excessive of two.62 billion {dollars} in October.
Import declined 9.7 p.c to 53.46 billion {dollars} final month in comparison with the identical month of final yr.
Affected by the export rebound, commerce steadiness recorded a surplus of 1.63 billion {dollars}, staying in black for the fifth consecutive month.
The export rebound was attributed to the slower fall in chip export and powerful demand for automobiles, basic equipment, oil merchandise and show panel.
Semiconductor export shrank 3.1 p.c over the yr to eight.94 billion {dollars} in October, protecting a downward pattern for the fifteenth successive month since August final yr.
Despite the continued lower, the chip export marked the slowest fall in 15 months after dropping 40 p.c within the first quarter, 34.8 p.c within the second quarter and 22.6 p.c within the third quarter this yr.
Shipment for petrochemicals shrank 3.2 p.c to three.62 billion {dollars}, however oil merchandise export superior 18 p.c to five.27 billion {dollars} final month.
Automotive export surged 19.8 p.c to five.88 billion {dollars} in October, persevering with to rise for the sixteenth consecutive month on robust demand for eco-friendly autos.
General equipment cargo expanded 10.4 p.c to 4.32 billion {dollars}, protecting an upward pattern for the seventh straight month on increased facility funding within the United States and Southeast Asian nations.
Steel merchandise export shed 0.7 p.c to 2.65 billion {dollars}, however show panel cargo picked up 15.5 p.c to 2.09 billion {dollars} on increased demand for OLED panels.
Home home equipment export added 5.8 p.c to 660 million {dollars}, protecting an upward pattern for the fifth month.
Auto elements cargo retreated 3.7 p.c to 1.77 billion {dollars}, and cell phone export dwindled 4.5 p.c to 1.71 billion {dollars} final month.
Computer cargo plunged 30.4 p.c to 630 million {dollars}, and secondary battery export shrank 14.5 p.c to 680 million {dollars}.
By area, export to the Association of Southeast Asian Nations (ASEAN) surged 14.3 p.c over the yr to 10.56 billion {dollars} in October, recording the primary turnaround in 13 months.
Shipment to the United States jumped 17.3 p.c to 10.08 billion {dollars}, however export to the European Union (EU) diminished 10.7 p.c to five.01 billion {dollars}.
Exports to Japan elevated 10.4 p.c to 2.51 billion {dollars}, and people to Latin America and the Middle East added in single digits to 1.96 billion {dollars} and 1.53 billion {dollars} every.
Meanwhile, the import fall was primarily attributable to decrease power import prices.
Crude oil imports edged up 0.1 p.c, however these for pure fuel and coal tumbled 54.3 p.c and 26.1 p.c every in October in comparison with the identical month of final yr.
Excluding power, imports declined 5.0 p.c on tender demand for cellphones, automobiles and shopper items.