Korea: Exports return to double-digit growth
December 13, 2011
In November, exports expanded 13.9% over the same month the previous year to USD 47.0 billion, according to data released by the Korea Customs Services (KCS). The reading came in above the 8.0% October print, which had put an end to a series of 23 consecutive months of double-digit rate expansions. According to the Ministry of Knowledge Economy (MKE), the November result reflected increases in exports of petroleum products, which rose 46.2% over the same month last year, and automobiles, which expanded 30.4%. Meanwhile, imports increased 11.5% year-on-year in November, down from October's 15.6% annual increase, reaching USD 43.1 billion. Despite the pick-up in exports, the trade surplus shrank from USD 4.1 billion in October to USD 3.9 billion in November.
Author: Armando Ciccarelli, Head of Data Solutions