Published : 2012-11-01 20:02
Updated : 2012-11-01 20:02
South Korea’s trade surplus more than doubled in October from a year earlier as exports posted positive growth, ending their three-month losing streak, the government said Thursday.
The country’s trade surplus is estimated to have reached $3.8 billion in October, compared with $1.44 billion in the same month last year, according to the Ministry of Knowledge Economy. The figure also marks a slight growth from the trade surplus of $3.15 billion in the previous month.
The country’s exports are estimated to have grown 1.2 percent from the same month last year to $47.2 billion last month with imports gaining 1.5 percent on-year to $43.4 billion.
The country’s exports had dipped for three consecutive months since July on a year-on-year basis.
“Despite a delayed recovery of demands in key markets, the country’s exports increased slightly from the same period last year due to growing shipments to Southeast Asian countries and China,” the ministry said in a press release.
In October, shipments to the 10 member countries of the Association of Southeast Asian Nations are estimated to have jumped 21.1 percent on-year with exports to China also gaining 5.7 percent.
Exports to the United States and Central American countries, on the other hand, are projected to have dropped 3.5 percent and 8.2 percent, respectively, from the same period last year.
By industrial sector, the country’s refinery and electronics industries led last month’s growth in exports while outbound shipments of large, expensive products again waned, apparently reflecting a drop in global demand caused by the global economic downturn.
Shipments of petroleum products, such as gasoline and diesel, are believed to have jumped 27.7 percent on-year with those of telecommunication devices, including smartphones, surging 18.6 percent.
Exports of ships, on the other hand, are estimated to have dropped 29.7 percent from a year earlier, following their 50.6 percent on-year drop in September. (Yonhap News)