SEOUL, Oct 1 Reuters South Korea39;s exports slowed their fall in September, in contrast to market expectations, marking the mildest decline in a yearlong downturn, a hopeful sign for the global economy from the bellwether industrial economy.

Overseas sales by Asia39;s fourthlargest economy fell 4.4 from a year earlier to 54.66 billion, trade data showed on Sunday, compared with an 8.3 loss in August and a 9.1 decline tipped in a Reuters survey of economists.

It was the 12th consecutive month of a decline in exports but the narrowest in the streak.

The decline in Chinabound shipments eased to 17.6, the slowest in 11 months, while exports to the United States rose 8.5 and those to the European Union by 6.5.

Exports of semiconductors fell 13.6, the slowest in a year. Exports of cars rose 9.5, machinery gained 9.8, and ships jumped 15.4.

Trade Minister Bang Moonkyu said exports continued to improve and that they were now at the inflection point for a transition to growth.

Imports fell 16.5 to 50.96 billion, also milder than the 22.8 drop the previous month and the median 17.6 forecast.

As a result, the country posted a trade surplus of 3.70 billion in September. It was the fourth straight month in surplus and the widest since September 2021.

Reporting by Jihoon Lee; Editing by Leslie Adler and William Mallard

Source Reuters