Overseas sales by Asia's fourth-largest economy rose 11.4 per cent year-on-year to $57.90 billion, trade data showed on Sunday, slowing from a gain of 13.9 per cent in the previous month, which was the fastest in six months.
It was also weaker than a 13.0 per cent increase tipped in a Reuters survey of economists.
Growth in semiconductor exports slowed to a five-month low, while auto sales fell for a third consecutive month due to temporary factors, such as wage negotiations and factory suspensions to improve production lines at some firms.
By destination, exports to China rose at a slower pace, but growth in US-bound shipments quickened. Exports to the European Union snapped a six-month run of declines and surged 16.1 per cent to a record high of $6.4 billion.
Yet, exports are heading towards a record-high performance this year, trade minister Ahn Duk-geun said. "Growing trends are seen across major export markets."
Imports rose 6.0 per cent in August to $54.07 billion, after a 10.5 per cent jump in July, which was the steepest since September 2022. It was slightly lower than a gain of 6.3 per cent expected by economists.
As a result, the country posted a trade surplus of $3.83 billion in August, wider than the previous month's $3.60 billion.
South Korea exports extend gains to 11th month, growth slows
FE Team | Published: September 02, 2024 00:24:24
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