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Economic Report

Economic reports, briefs issued by Samsung Economic Research Institute

Trade Surplus Continues Despite Falling Exports

Trade Surplus Continues Despite Falling Exports

Oct. 14, 2013

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Korea's exports swung back to negative growth in three months. According to the Ministry of Industry, Energy and Trade, September's exports slid 1.5% from the previous year to US$44.74 billion. The country's exports had been on the rise in July and August with a 2.6% and 7.7% growth, respectively, before turning downward. The ministry attributed the decline to the decreased number of business days due to the Chuseok (Korean Thanksgiving) holiday. However, the daily average exports rose to a new high of US$2.24 billion, breaking the previous high of US$2.17 billion recorded in June this year. In addition, exports grew 2.9% in the third quarter from the same period last year while the first and second quarter growth stood at 0.4% and 0.8%, respectively.


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