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 2009, posting a surplus of $40.98 billion.
In 2009, South Korea's total exports fell 13.8 percent year on year to $363.8 billion. Considering the substantial decrease in the global trade volume, South Korea's exports turned in a good performance. Over the first ten months of 2009, South Korean exports fell 19.7 percent in value from the same period the previous year, while the average rate of decline for the world's top 15 exporting countries was 26.8 percent.
The past year saw an increase in South Korea's exports of ships, up 4.4 percent year on year, although exports in most key industries were down. Notably, ship exports in 2009 reached a value of $45 billion, the highest level ever despite a steep drop in orders. In 2009, South Korea's exports to China decreased by 7.5 percent, its exports to Japan declined by 23.7 percent, exports to the Middle East were down 11.7 percent, exports to ASEAN countries dropped 17.5 percent, exports to the United States slid 18.9 percent, exports to Latin America were down 19.8 percent and exports to the European Union declined by 21.6 percent, while outbound shipments for Oceania increased by 47.3 percent, all compared to 2008.
Due to lower oil prices and stagnant domestic demand, South Korea's imports in 2009 slid 25.8 percent year on year to $322.8 billion. Inbound shipments of raw materials fell 32.9 percent, while imports of capital and consumer goods declined compared with the levels seen in 2008.