South Korea's Trade Surplus Expands in August as Exports Rise 11.4%

Sep 2, 2024, 05:00 AM

South Korea's trade surplus in August expanded to $3.829 billion, falling short of the forecasted $4.2 billion but surpassing the previous month's $3.60 billion. Exports increased by 11.4% year-on-year to US$57.9 billion, marking the 11th consecutive month of growth, although the growth rate was slower than July's 13.9% and below the expected 11.8%. The rise in exports was driven by strong demand for semiconductors, which saw a 38.8% increase to $11.9 billion. Imports grew by 6% year-on-year, slightly below the anticipated 6.3% and significantly lower than the 10.5% rise recorded in the previous month.