According to the data released by the Export and Import Division of South Korea's Ministry of Knowledge Economy, in July this year the country's trade surplus reached an all-time high of $7.2 billion despite unfavorable global conditions. South Korea's total exports in July rose 27.3 percent year on year, reaching $51.4 billion. With outbound shipments of steel amounting to $4.25 billion and shooting up 72.5 percent year on year, July was a good month for most key export items.
South Korea's exports of ships in the given period rose 42.6 percent year on year to $6.21 billion, while its automobile exports reached a value of $9.93 billion, climbing by 23.9 percent year on year. Furthermore, in July South Korea's general machinery exports came to $4.03 billion with an increase of 24 percent, compared to July 2010.
In the given period, among the major export partners of South Korea, the country's exports to China increased by 19.4 percent, exports to the US rose by 1.9 percent, to Japan by 37.7 percent, to ASEAN countries by 47.7 percent, , to Latin America by 32.6 percent, while the exports to the European Union decreased by 8.7 percent, all compared to the same period last year.
Meanwhile, in July, South Korea's imports rose 24.8 percent year on year, reaching $44.22 billion. Inbound shipments of raw materials went up by 38.9 percent, while imports of crude oil increased by 68.3 percent year on year.