South Korea Exports Fall 15% in Early October Despite Daily Gains

South Korea’s export performance showed a surprising dip in the first ten days of October, signaling a slowdown in outbound trade despite promising daily growth figures.

According to the Korea Customs Service, exports between October 1 and 10 reached US$13 billion, marking a 15.2 percent decline compared to US$15.3 billion during the same period last year. The fall comes after a strong September, when exports rose 12.7 percent to US$65.95 billion, fueled primarily by surging semiconductor demand—the highest monthly total in over three years.

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Interestingly, while overall exports fell, the average daily export value rose sharply by 33.2 percent year-on-year. This indicates that trade activity intensified on individual working days, though shorter periods or seasonal factors may have impacted the total figures.

On the import side, South Korea saw a sharper contraction. Imports fell 22.8 percent to US$13.5 billion, resulting in a trade deficit of US$500 million for the early October period. The decline in imports suggests reduced domestic demand or adjustments in supply chain flows, reflecting broader global economic uncertainties.

Market watchers note that while the drop in total exports may raise concerns, the jump in average daily shipments points to underlying resilience in key sectors, particularly electronics and high-tech goods. Analysts suggest that October’s full-month figures will offer a clearer picture of South Korea’s trade momentum heading into the final quarter.