Korea's exports fall 2% on-year in September: data

South Korea's exports declined in September at a shaper pace than earlier estimated as global demand for Korean goods shrank amid the global economic downturn, data by the customs agency showed Sunday.

The country's overseas shipments fell 2 percent from a year earlier to $45.57 billion in September, larger than an earlier estimate of a 1.8 percent on-year decline, according to the Korea Customs Service.

Imports declined 6.1 percent on-year to $42.5 billion last month, with the country's trade surplus reaching $3.07 billion, the data showed.

In the third quarter, the value of exports declined 5.6 percent on-year to $133.4 billion while imports fell 7.1 percent to $125.4 billion.

South Korea's exports, a backbone of the economy, fell on-year for the third straight month in September, hit by the protracted eurozone debt crisis and China's slowing economy.

Imports also declined as domestic demand and capital investment remained sluggish, crimping demand for foreign goods.

The data showed Korea's exports to China inched up 1 percent, but its outbound shipments to the crisis-hit Europe fell 5.1 percent and those to the U.S. edged down 0.5 percent. (Yonhap)