South Korea's exports extended on-year gains to the 12th straight month in September, data showed Tuesday, on the back of robust shipments of chips. Outbound shipments rose 7.5 percent on-year to US$58.7 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports added 2.2 percent on-year to $52.1 billion, resulting in a trade surplus of $6.66 billion. South Korea has been maintaining a trade surplus for 16 consecutive months. By sector, exports of semiconductors moved up 37.1 percent to $13.6 billion, maintaining an on-year growth for 11 consecutive months. Outbound shipments of automobiles also gained 4.9 percent to $5.5 billion, marking the highest amount for any September. By destination, exports to China, South Korea's top trading partner, increased 6.3 percent to $11.7 billion. Shipments to the United States also rose 3.4 percent to $10.4 billion, the highest for any September as well. "The government plans to thoroughly address export-related risks, considering geopolitical uncertainties in the Middle East and the strike at ports on the U.S. eastern coast," Industry Minister Ahn Duk-geun said in a statement. "In case of a contingency, the government will operate a special monitoring team with the private sector to minimize the negative fallout on exports," Ahn added. Outbound shipments decreased 7.4 percent on-year in 2023 amid the sluggish performance of chips coupled with global economic uncertainties. Source: Yonhap News Agency
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