According to the data released by the Export and Import Division of South Korea's Ministry of Knowledge Economy, the country's trade balance indicated a $3.8 billion surplus in October, the ninth consecutive month in which a trade surplus was registered.
Despite the deeper global economic contraction and a weaker exchange rate, exports increased for the first time in four months and inbound shipments also climbed up thanks to rising demand for raw materials and capital goods. The country's total export value in October rose by 1.2 percent year on year and was up 3.5 percent compared to September, totaling $47.2 billion.
South Korea's basic steel export value was $2.9 billion in the month in question, down 10.7 percent compared to October 2011, while its export value for automobiles in October fell by 3.5 percent year on year to $3.9 billion. The country's general machinery exports amounted to $4 billion, dropping by 1.4 percent year on year. On the other hand, South Korea's export value for ships in September fell by 29.7 percent year on year to $3 billion.
In the given month, while exports to China, the ASEAN region and the European Union saw gains, exports to the United States and Latin America indicated decreases.
Meanwhile, in October this year South Korea's overall imports rose 1.5 percent year on year, totaling $43.4 billion.