South Korea’s exports fell less than economists estimated in October, adding to signs that trade may start to rebound from the slump triggered by the global financial crisis.

Overseas shipments declined 8.3 percent from a year earlier to $34 billion, the Ministry of Knowledge Economy said today in Gwacheon. The median estimate of 10 economists surveyed by Bloomberg News was for an 11.8-percent decrease. Imports fell 16.3 percent to $30.2 billion, resulting in a trade surplus of $3.8 billion.

“Exports are still on the decline, but Korea will see an increase in coming months,” said Lee Sang Jae, an economist at Hyundai Securities Co. in Seoul. “Demand from China is helping sustain South Korean exports, while orders from the US and elsewhere still remain weak.”

Exports, which make up more than half of the economy, may start to rebound in November, the government said last month. Samsung Electronics Co., Asia’s biggest maker of chips, flat screens and mobile phones, said October 30 profit tripled to a quarterly record. LG Electronics Inc. reported quarterly profit that beat analysts’ estimates, boosted by record shipments of televisions and higher sales of appliances.

The nation’s gross domestic product expanded 2.9 percent in the third quarter from three months earlier, the fastest pace in seven years. Finance Minister Yoon Jeung Hyun said full-year economic growth is possible in 2009, compared with a previous government forecast of a 1.5-percent contraction.

Exports to China, the biggest buyer of South Korean goods, gained 3.4 percent in the first 20 days of October. Exports to the US slid 37.4 percent, the ministry said. Shipments to Japan declined 22.5 percent over the same period. Car exports dropped 39.3 percent in the first 20 days of October and semiconductor shipments gained 32.8 percent from the same period last year.

Economic growth in China accelerated to 8.9 percent last quarter, fueled by government stimulus spending and more than $1 trillion of new bank lending.

There are additional signs South Korea’s economy is recovering. Factory production gained at the fastest pace in three months in September, manufacturers’ confidence stayed near a two-year high and consumer confidence climbed to a seven-year high, earlier reports showed.

Economies across Asia are “rebounding fast” from the global crisis, helped by fiscal support that the region’s governments must maintain amid weak global export demand, the International Monetary Fund said on October 29.

Growth in Asia including Japan, Australia and New Zealand will probably accelerate to 5.8 percent next year from 2.8 percent this year, it said.

South Korea, Asia’s fourth-largest oil buyer, imported 74.3 million barrels of crude oil in October, 5 percent lower than a year earlier, today’s statement from the Korean ministry said.