October Exports Hit Record High at $51.8 Bil.
October Exports Hit Record High at $51.8 Bil.
  • Korea IT Times (info@koreaittimes.com)
  • 승인 2014.11.03 17:40
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SEOUL, KOREA - The export figure for the month of October has hit a record-high level while imports fell for the first time in nine months. The Ministry of Trade, Industry, and Energy said on November 2 that the October exports rose 2.5 percent to US$51.75 billion from the same month last year (preliminary figures). In contrast, the month's imports declined 3.0 percent to $44.26 billion. As a result, the trade balance continued its surplus rally for 33 consecutive months.

 
The exports to the United States and China led the increase. Petrochemical and petroleum products rose 143.3 percent and 142.0 percent, respectively, from the same period a year ago. The exports to the United States shot up 25 percent, thanks to a rise in demand ahead of the end-of-the-year shopping season. The exports to China rose 3.7 percent year on year, buoyed by an increase in computers (60.8%) and petrochemical products (24.9%).
 
The drop in import volume was largely because of a decrease in raw materials (-3.4%) and capital goods (-9.0%). The imports of crude oil have declined by 17.4 percent due to the continued downward trend in the international oil prices. Of the capital goods imports, semiconductor equipment (-40.6%) and LCD devices (-9.5%) declined while consumer goods such as winter coats, jackets, and coffee bean rose 7.6 percent year on year.
 
Article provided by The Korea Economic Daily

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