Exports fell 8.3 percent year-on-year to US$34.03 billion last month, while imports plunged 16.3 percent to US$30.23 billion, according to the Ministry of Knowledge Economy.

The October surplus compares with an adjusted US$4.7 billion surplus for September and marks the ninth consecutive month in the black.

Exports, which make up more than half of South Korea's economy — mained sapped by the sluggish global economy.

Outbound shipments fell in most export items except semiconductors and display panels for TVs, mobile handsets or computers which jumped 36.8 and 38.8 percent year-on-year respectively last month.

Exports to U.S. and European markets continued to fall due to weak demand, while those to China, Southeast Asia and other developing economies gained last month. Imports still fell sharply, but the decline was moderated with South Korea's increased purchase of crude oil as the country imported 52.4 million barrels in October, up from 48.7 million barrels a month ago.

Ministry officials say they expect exports and imports to rebound in November, with the country's annual trade surplus expected to surpass a record US$40 billion for this year.

In the past 10 months to October, the trade surplus has reached US$34.58 billion — surpassing the previous record of US$31.90 billion reached in the January-October period of 1998.