Korea: Trade surplus widens further in October
November 1, 2010
In October, exports rose 27.6% over the same month last year to reach USD 43.4 billion, according to the latest data released by Korea Customs Services (KCS). The figure was well ahead of the 16.2% expansion recorded in September and marked the 12th consecutive double-digit increase in exports, confirming the strength of the external sector. According to the Ministry of Knowledge Economy (MKE), the October rise was driven by strong increases in exports of general machinery, which surged 52.4% over the previous year, and by a 50.1% rise in exports of automobile parts. Exports of semiconductors added 33.1%. Meanwhile, according to KCS figures, imports increased 21.3% year-on-year in October (September: +17.6% yoy), reaching USD 36.9 billion. As a result of the monthly figures, the trade surplus rose from USD 4.4 billion in September to USD 6.5 billion in October.
Author: Armando Ciccarelli, Head of Data Solutions