South Korea’s exports fell for the 12th consecutive month in September on weak demand for semiconductors, but the country reported a trade surplus for the fourth month in a row, the industry ministry said Sunday.

Outbound shipments fell 4.4 percent on-year to US$54.66 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy.

But the country logged a trade surplus of $3.7 billion in September, the fourth straight gain, as imports marked a sharper decline.

Imports fell 16.5 percent on-year to $50.96 billion last month, as energy imports retreated 36 percent on-year, the ministry said. South Korea depends on imports for most of its energy needs.

In June, the country reported a trade surplus for the first time in 16 months following the longest ever shortfall since 1997, which lasted from March 2022 through May 2023 as a result of high energy prices.

Source: Yonhap News Agency