South Korea increases its steel exports in May

Thursday, 10 June 2010 14:13:54 (GMT+2)

According to the data released by the Export and Import Division of South Korea's Ministry of Knowledge Economy, in May this year the country recorded a trade surplus of $4.37 billion. This was the fourth consecutive month that a trade surplus was recorded. 
 
In May, South Korea's exports climbed 41.9 percent year on year to $39.49 billion. The export volume in most key industries improved significantly. In the month in question, South Korea's steel exports surged by 27.6 percent, its automobile exports rose by 70.2 percent, its household appliance exports increased by 62.6 percent, while the country's ship exports improved by 15.2 percent, all compared to May 2009.

Among the major export partners of South Korea, the country's exports to China increased by 55.8 percent, exports to the US rose by 62.3 percent, to Japan by 60.3 percent, to ASEAN countries by 66.8 percent, to the Middle East by 123.2 percent, to Latin America by 66.2 percent and to the European Union by 38.1 percent, while an increase of 18.4 percent was recorded in its exports to Oceania, all compared to the same month last year.
 
Meanwhile, in May, South Korea's imports rose 50 percent year on year, reaching $35.12 billion. Inbound shipments of raw materials went up by 90.8 percent while imports of capital and consumer goods increased by 36.4 percent and 60.7 percent year on year, respectively.

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