Korean export growth fastest in 9 months

South Korean exports last month posted their strongest annual growth in nine months but a private-sector survey showed global demand remains weak, underscoring a still-uneven pace of recovery in the economy.

Exports grew 6.8 per cent in September to US$47.7 billion while imports jumped 8 per cent to US$44.3 billion, the trade ministry said on Wednesday. Export growth hit a nine-month high and import growth was a 31-month high.

But overseas sales fell short of the market’s expectations for a median 8.2 per cent gain in a Reuters survey, while an HSBC/Markit Economics survey of purchasing managers showed export orders shrank for a sixth consecutive month in September.

"These are decent numbers judging by face value, but given that there were more working days last month compared to last year, exporters are not quite out of the woods yet and still facing vulnerability," said Park Sang-hyun, economist at HI Investment & Securities.

The ministry will release details such as export figures by destination later in the day. China is South Korea’s largest export market and slowing growth in the world’s second-largest economy has dragged on exports from its smaller neighbour.