SEOUL – South Korea recorded a decline of 11.7 percent in its exports in September compared to the same month in 2018, making it the 10th consecutive of falling exports, according to the country’s government on Tuesday.
According to the South Korean Ministry of Trade, Industry and Energy, exports reached $44.7 billion in September, compared to $50.6 billion for the same month last year.
The government said that one of the things that played a major role in the decline in South Korean exports in September was the trade war between the United States and China, and its effect on other nations.
It also affected the prices of semiconductors, which is one of the main sources of income from trade for South Korea.
South Korea’s export sector, the propeller of its economy, has been significantly affected by tensions between China and the US, two of its most important trading partners.
Exports to China fell by 21.8 percent year-on-year in September and to the US by 2.2 percent, according to official data.
Imports also recorded a year-on-year decline of 5.6 percent, to $38.7 billion.
The trade surplus in September was $5.97 billion, making it the 92nd consecutive month that South Korea exported more than it imported.