South Korea increases export value in May

According to the data released by the Export and Import Division of South Korea's Ministry of Knowledge Economy, the country's exports in May this year rose 23.05 percent year on year, reaching $48.01 billion, while the trade balance posted a $2.74 billion surplus, down from $5.14 billion recorded in April. In the given period, China and the US accounted for 16.5 percent and 22.3 percent of the country's total exports, respectively.
 
South Korea's exports of steel in the given period rose 23.7 percent year on year to $2.94 billion, while its ship exports reached a value of $5.30 billion, climbing by 26 percent year on year.
 
Furthermore, in May this year South Korea's automobile exports surged 26.5 percent to $3.82 billion, while its general machinery exports came to $3.71 billion with an increase of 22.4 percent, both compared to May 2010.