South Korea’s Oct trade surplus widens to $3.17 billion

Written by Miroslav Marinov

Miroslav Marinov, a financial news editor at TradingPedia, is engaged with observing and reporting on the tendencies in the Foreign Exchange Market, as currently his focus is set on the major currencies of eight developed nations worldwide.

, | Updated: November 20, 2024

South Korea reported a trade surplus for the 17th straight month in October.

The nation’s trade surplus widened to USD 3.17 billion in October from USD 1.56 billion in the same month a year ago, data by the Ministry of Trade, Industry & Energy showed on Friday.

In comparison, a consensus of analyst estimates had pointed to a surplus of USD 4.23 billion.

Total exports rose 4.6% year-on-year to USD 57.52 billion in October, marking the 13th straight month of growth, driven by robust semiconductor demand. Market consensus had pointed to a 6.9% YoY growth.

At the same time, total imports rose 1.7% year-on-year to USD 54.35 billion in October, while marking the 4th straight month of growth.

The South Korean Won was 0.51% weaker on the day against the US Dollar, with the USD/KRW currency pair last trading at 1,379.19 ahead of the key US Non-Farm Payrolls report and presidential election outcome.

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