S. Korea's trade balance records a surplus for the third consecutive month in August
8월 무역수지 8.7억달러 흑자 수출 감소율 8.4% 한 자릿수 개선 South Korea's trade balance was in the black for the third straight month in August backed by auto exports and falling unit prices for semiconductors and petroleum products. Overall exports, though, were down by 8-percent. Our Ahn SungJin has more. South Korea's trade balance saw a surplus for the third consecutive month in August. Data released by the Ministry of Trade on Friday showed that the country's trade balance last month was eight-hundred-70 million U.S. dollars with imports at just over 51 billion dollars and exports at 51-point-nine billion dollars. Imports fell by more than 22 percent on-year as oil, gas, and energy imports dropped by more than 40 percent. The country's exports saw a decrease of eight-point-four percent to 51-point-nine billion dollars compared to the previous year due to a high base effect from high exports last August. A drop in the export prices for semiconductor and petroleum products was also attributed to the drop. However, the decreasing export rate narrowed to a single-digit figure compared to the 16-point-four percent on-year drop seen in July as auto exports have increased for 14 straight months. By category, shipments of automotive parts, displays, and household electronic products all rose while exports of semiconductors and petroleum and steel products all dropped. Compared to the previous month, however, semiconductor exports rose by 15 percent reaching eight-point-six billion U.S. dollars, showing signs of a gradual recovery. Outbound shipments to the United States and Europe jumped to record highs for any August as exports for automobiles and mechanical products sharply increased. Although exports to China and the ASEAN region declined following a drop in semiconductor prices, exports to Vietnam were back in the black with increased demand for displays. "In early September, we plan to prepare additional support measures to revitalize exports, focusing on diversifying export products and regions, and resolving difficulties for export companies " The ministry reaffirmed its efforts to maintain the surplus. Finance Minister Choo Kyung-ho stated that the first half of this year was difficult as there were no visible results in terms of export growth. He added that although it has been tough, the country is moving toward a relatively stable phase of economic recovery as the semiconductor sector is expected to improve. Ahn Sung-jin, Arirang News. #SouthKorea #trade_balance #trade_surplus #economy #export #import #price #무역수지 #경제 #Arirang_News #아리랑뉴스 📣 Facebook : / arirangtvnews 📣 Twitter : / arirangtvnews 📣 Homepage : https://arirang.com/ 2023-09-01, 18:00 (KST)
