Korea's exports jump for first time in 13 months in October

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Korea's exports jump for first time in 13 months in October

Published: 01 Nov. 2023, 09:35 Updated: 01 Nov. 2023, 09:57

PARK EUN-JEE
[email protected]

Containers for exports and imports are stacked at a pier in the southern port city of Busan. [YONHAP]

Korea's exports advanced on-year for the first time in 13 months in October on the back of strong shipments of automobiles, data showed Wednesday.

Outbound shipments moved up 5.1 percent on-year to $55 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy.

The country also logged a trade surplus of $1.64 billion in October, the fifth straight gain.

Imports fell 9.7 percent on-year to $53.4 billion last month, the data also showed.

Exports had been posting an on-year decrease since October 2022 through September amid aggressive monetary tightening by the United States and other major economies to bring inflation under control and a global economic slowdown.

BY PARK EUN-JEE,YONHAP [[email protected]]