Korea: Export growth remains strong in December
January 16, 2012
In December, exports expanded 10.8% over the same month the previous year to USD 48.9 billion, according to data released by the Korea Customs Services (KCS). The reading came in below the 11.6% growth recorded in November. According to the Ministry of Knowledge Economy (MKE), exports of petroleum products, machinery and automobiles registered the strongest gains over the same month the year before. However, semiconductors and LCD devices contracted over the previous year. In 2011 total exports expanded 19.3%, which was below the strong 28.3% increase the year before. Imports increased 13.6% year-on-year in December, up from November's 11.2% annual increase, reaching USD 45.5 billion. Despite the pick-up in imports, the trade surplus widened from USD 3.0 billion in November to USD 3.4 billion in December.