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The Country's Trade Balance Indicated a $870 Million Surplus in January This Year

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Core Tip: According to the data released by the Export and Import Division of South Korea's Ministry of Knowledge Economy, the country's trade balance indicated a

According to the data released by the Export and Import Division of South Korea's Ministry of Knowledge Economy, the country's trade balance indicated a $870 million surplus in January this year, with a total export value of $46.1 billion.

The country's export value rose by 11.8 percent year on year in January, posting the first double-digit growth in 11 months, largely due to an increase in the number of working days and a low base effect from a year earlier. In addition, South Korea's major export items saw stronger demand as the global economy showed signs of recovery.

South Korea's export value for automobiles in January rose by 24.3 percent year on year to $4.3 billion thanks to the release of new models and more working days. However, due to weaker demand from major importers including China, Japan and the European Union, South Korea's basic steel export value fell eight percent year on year to $3.8 billion in the month in question. The country's general machinery exports in January amounted to $3.6 billion, rising by 3.2 percent year on year. On the other hand, South Korea's export value for ships in January declined by 19.9 percent compared to January 2011 to $3.1 billion because of a prolonged slowdown in the global shipbuilding industry.

In the given month, while exports to the ASEAN region and China increased, South Korea's outbound shipments to its other key trading partners declined.

Meanwhile, in January this year South Korea's overall import value rose 3.9 percent year on year to $45.2 billion. Imports of raw materials to the country in the given month fell by 16.5 percent year on year mainly due to weaker demand for coal.

 
 
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