Exports up 2.8 pct in September; trade deficit extended for 6th month

▲ This file photo taken Sept. 21, 2022, shows stacks of containers at a port in South Korea's southeastern city of Busan. (Yonhap)

trade balance-September

Exports up 2.8 pct in September; trade deficit extended for 6th month

SEOUL, Oct. 1 (Yonhap) -- South Korea's exports rose 2.8 percent on-year in September, but the country suffered a trade deficit for the sixth consecutive month on high global energy prices, data showed Saturday.

Outbound shipments stood at US$57.46 billion last month, up from $55.9 billion a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.

It was the highest outbound shipment for any September since the ministry began compiling related data in 1956.

September also marked the 23rd consecutive month that the country's exports have logged an on-year expansion.

The country's imports jumped 18.6 percent on-year to $61.23 billion on high global energy prices, resulting in a trade deficit of $3.77 billion last month.

Imports have exceeded exports in South Korea since April, and it is the first time since 1995 that the country suffered a trade deficit for six months in a row.

South Korea depends on imports for most of its energy needs, and the country's energy imports surged 81.2 percent on-year to $17.96 billion in August, the ministry said.

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