South Korea reported its first trade surplus since early 2022, as the country’s export slump slowed, thanks in part to rising auto and semiconductor exports.
According to trade ministry data released last week, South Korean exports declined 6.0 percent year on year in June, to $54.24 billion, compared to a 15.2 percent decline in May.
This better trade balance may stall in July and August due to seasonal reasons, but it is predicted to resume and exports will expand again, according to the government.
The drop in exports was the second smallest in a decreasing trend that began in October.
Semiconductor exports declined 28.0 percent, the smallest drop in eight months, while car exports rose 58.3 percent, the 12th month in a row.
Shipments to China decreased 19.0 percent, the smallest dip since October, while those to the United States declined 1.9 percent and those to the European Union gained 9.2 percent.
Imports fell 11.7 percent to $53.11 billion, down from 14.0 percent the previous month.
After 15 months of deficits, Asia’s fourth largest economy, which is heavily reliant on exports, achieved a $1.13 billion trade surplus in June.