S. Korea exports rise 11.4 percent in August

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S. Korea exports rise 11.4 percent in August

[01/09/2024 04:08]

SEOUL-SABA
South Korea's exports extended on-year gains to the 11th straight month in August, data showed Sunday, driven by the strong demand for semiconductors.

South Korea News Agency (Yonhap) reported that outbound shipments rose 11.4 percent on-year to US$57.9 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy.

Imports added 6 percent on-year to $54 billion, resulting in a trade surplus of $3.83 billion. South Korea has been maintaining a trade surplus for 15 consecutive months.

"With overall exports reaching the highest amount for any August and shipments to major trade partners maintaining growth, the country is on the path for record exports," Industry Minister Ahn Duk-geun said in a statement.

Ahn added that geopolitical uncertainties in the Middle East still pose a threat to South Korea's exports, noting that the government will continue to monitor related situations and offer necessary measures.