Exports increased 7.5% in September from a year ago, decelerating from an 11.2% rise in the previous month, the customs service agency reported on Tuesday.
The result, which beat the 6.5% consensus estimate from analysts, was driven by slower shipments growth of 1% to the United States in September after increasing 11% in August.
Tuesday’s data comes amid growing market expectations that the Bank of Korea may cut policy interest rates from 3.50%, the highest since late 2008, at an upcoming rate-setting meeting next Friday as growth concerns overshadow inflation worries.
Imports climbed 2.2%, falling short of the 3.0% rise forecast by analysts.
The preliminary trade surplus widened to $6.66 billion from $3.77 billion a month earlier.
In September, there were also fewer working days due to a longer break for the Chuseok thanksgiving holiday.
Source: Economy - investing.com
