South Korea’s trade surplus hits record in June

Friday, 03 July 2009 15:28:48 (GMT+2)

According to South Korea's Ministry of Knowledge Economy, in June 2009 the country's trade surplus reached a record monthly high, totaling $7.4 billion. Meanwhile, exports in the month in question dropped 11.3 percent year on year to $33 billion. Outbound shipments of ships, LCD devices and steel posted strong growth, while exports of key items such as information technology products and textiles declined at much lower rates.

Notably, ship exports surged 66.7 percent in June to reach a record level of $5.5 billion. Higher exports of oil-drilling facilities and longer working days were contributing factors to this increase.

With lower prices and reduced demand for raw materials, South Korean imports in June slid 32.3 percent year on year to $25.6 billion. Inbound shipments of crude oil declined 55.4 percent, petroleum product imports fell 38.2 percent and gas imports decreased by 44.3 percent, all compared to the same month of the previous year. In June this year, imports of capital and consumer goods also dropped from June 2008 levels.

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