Weak global demand has led to lower exports from South Korea and a widening trade deficit.

(European News Agency)

[Financial Channel/Comprehensive Report] As weak global demand puts pressure on South Korea, an export-oriented economy, South Korea's overseas exports in September were lower than forecast, while export growth was the slowest in nearly two years, while strong import growth expanded Trade deficit, the trade balance reached 3.77 billion US dollars (about 119.95 billion Taiwan dollars).

South Korea’s overseas shipments rose 2.8% in September, below analysts’ forecast of 2.9% and the slowest growth since October 2020, as economic slowdowns in the U.S., Europe and China dampened demand for South Korean goods.

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Imports rose 18.6%, beating expectations for a 16.4% rise but down from August's 28.2% rise, as its auto chip maker imported a lot of raw materials and components.

South Korea's exports will be further affected by weak demand and base effects, while relatively strong import growth will further widen the trade deficit, which brings the trade balance to US$3.77 billion (about NT$119.95 billion), the sixth consecutive month of deficit.

Semiconductor exports fell 5.7% in September from a year earlier, while steel exports fell 21.1% and auto exports rose 34.7%.

Exports from Asia are expected to weaken further in the coming months as the global recession deepens.

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