South Korea’s export growth slowed in September, with exports to the United States barely growing, a result that could support market expectations for easing monetary policy as early as next week.
Munchor Chuwang | Moment | Getty Images
South Korea’s export growth slowed in September, with exports to the United States barely growing, a result that could support market expectations for easing monetary policy as early as next week.
The General Administration of Customs reported on Tuesday that exports rose 7.5% year-on-year in September, slower than the 11.2% increase in the previous month.
The result beat analysts’ consensus forecast of 6.5% as shipments to the United States slowed to 3.4% growth in September after rising 11% in August.
Tuesday’s data comes amid expectations that the Bank of Korea may cut its policy rate from 3.50% to the highest level since late 2008 at its upcoming rate-setting meeting next Friday, as growth worries outweigh inflation worries.
Imports grew 2.2%, below analysts’ forecast of 3.0%.
The preliminary trade surplus widened to $6.66 billion from $3.77 billion a month ago.
In September, due to the long Mid-Autumn Festival and Thanksgiving holiday, the number of weekdays is also reduced.
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