Another Record High

Dusk falls over cargo containers stacked 3-high at Busan Harbour Cargo Terminal. Imports and exports constitute 33.7% of the total national economy. (Photo by Eastberliner via Wikimedia Commons)
Dusk falls over cargo containers stacked 3-high at Busan Harbour Cargo Terminal. Imports and exports constitute 33.7% of the total national economy. (Photo by Eastberliner via Wikimedia Commons)

 

South Korea's exports in October hit another record high due to an upswing in exports of ships and steel.

On Nov. 1 the Ministry of Trade, Industry and Energy reported that the amount of exports in Oct. was slightly over US$51.7 billion, about 2.5 percent higher than the same month last year, and the highest amount ever recorded.

The result was due to the rising exports of ships and steel products. By item, last month's export growth rate for ships was 35.1 percent, 15.3 percent for computers, 12.2 percent for semiconductors, 7.7 percent for steel, 6.2 percent for petrochemicals, and 4.3 percent for petroleum products.

On the other hand, the rate of wireless communications devices dropped for two consecutive months because of the new product launch of Apple and increasing competition with Chinese companies. Exports of automobiles also dropped last month due to labor disputes such as workers at Kia Motors refusing to work overtime.

By region, exports to the U.S. continued strong growth. Last month's export growth rate for the U.S. was 25.0 percent, 9.1 percent for the Middle East, 6.2 percent for Central and South America, and 3.7 percent for China. In particular, exports to China, which used to be weak, increased for two months in a row.

Last month's import amount was about US$44.2 billion, down 3.0 percent from a year earlier. The total import amount decreased by 3.4 percent due to the drop of raw materials, and capital goods by 9.0 percent, although consumer goods increased by 7.6 percent.

The trade balance reached over US$7.4 billion, which is also the highest amount in history. Due to these favorable outcomes, South Korea continued to be in the black in trade for 33 consecutive months.

Copyright © BusinessKorea. Prohibited from unauthorized reproduction and redistribution