In June, South Korea saw its export downturn slow, as auto exports continued to rise robustly, and semiconductor exports reduced their recent declines. The nation, seen as a bellwether economy within the Asian region, managed to post its first trade surplus since early 2022.

In one of the first available snapshots of monthly global trade numbers, the fourth-largest economy in Asia saw shipments fall 6.0% in June year over year, to $54.24 billion, which was improved over May’s 15.2% drop, according to trade ministry data released on Saturday.

The ministry noted that it was expected that due to seasonal factors, the improvement in the balance of trade may be paused in July and August, however it would then continue to improve as exports would continue to grow.

The drop in exports was deeper than was forecast in a Reuters survey, which predicted it would come in at 3.0%. However it was still the second smallest drop within the downturn, which began in October.

Semiconductor exports fell 28.0%, which was the smallest fall in eight months. Exports of automobiles surged 58.3%, extending gains for a twelfth month, as exports of ships skyrocketed 98.6%.

Exports to China were down 19.0%, marking the smallest drop since October, while exports to the United States dropped 1.9% for a third month of declines. Shipments to the European Union were up 9.2%.

Imports were down 11.7% to $53.11 billion. That was a reduction from the 14.0% drop of the previous month, however it was slightly more than the 11.0% decline which had been forecasted by analysts.

Altogether the country posted a $1.13 billion trade surplus for June, following a full 15 months of deficits endured by the export-dependent economy.