According to the data released by the Export and Import Division of South Korea's Ministry of Knowledge Economy, the country's trade balance hit an all-time high in 2010, posting a surplus of $41.7 billion.
In 2010, South Korea's total exports gained 28.6 percent year on year to $467.4 billion. With the exception of September, exports consistently showed more than 20 percent growth throughout the year.
Among 70 major exporters in the World Trade Organization, South Korea ranked seventh for the first 10 months of 2010, with China taking the first, the US taking the second and China taking the third places.
South Korea's exports of steel in 2010 rose 25.4 percent year on year to $28.89 billion. The country's ship exports in 2010 reached a value of $49.75 billion with 10.2 percent year on year, while automobile exports surged 39.3 percent to $35.4 billion. South Korea exported general machinery worth $36.22 billion with an increase of 34.9 percent compared to 2009.
In 2010, South Korea's exports to all trading partners, namely China, the US, Japan, the Middle East, Latin America, the European Union and Africa, increased, except for Oceania.
Meanwhile, South Korea's imports increased 31.8 percent to record $425.7 billion in 2010. Inbound shipments of equipment and parts related to key export items increased, consumer confidence improved, and raw material prices rose, contributing to increased imports.
For the month of December 2010, the trade surplus totaled $3.74 billion. Exports climbed 23.1 percent to $44.34 billion, while imports went up 23.3 percent to $40.6 billion.