South Korea’s steel export value down 5.9 percent in August

According to the data released by the Export and Import Division of South Korea's Ministry of Knowledge Economy (MOTIE), the country's trade balance indicated a $4.92 billion surplus in August, marking the 19th straight month in the black as export growth continued to show signs of recovery.
 
South Korea's export value rose by 7.7 percent year on year to $46.37 billion in the given month, while its overall import value declined 0.8 percent from a year earlier to $41.45 billion. The country's basic steel export value fell 5.9 percent year on year to $2.71 billion in August. Exports of ships saw an increase of 26.2 percent compared to the same month of 2012, standing at $3.54 billion. Meanwhile, South Korea's export value for automobiles in the period in question improved by 43.9 percent year on year to $3.63 billion. South Korea's general machinery exports in August amounted to $3.4 billion, falling by 5.9 percent year on year.
 
According to the ministry's report, although outbound shipments to Japan declined in August, exports to the US and the EU increased. Among emerging nations, exports to the Middle East fell, but the ASEAN region, China and Latin America enjoyed upward trends.