South Korea posts record trade surplus in June, steel exports drop

According to the data released by the Export and Import Division of South Korea's Ministry of Knowledge Economy, in June this year the country recorded a record high trade surplus of $7.5 billion.
 
In June, South Korea's exports climbed 32.4 percent year on year to $42.7 billion. The export volume in most key industries except steel was up significantly. In the month in question, South Korea's steel exports declined by 6.1 percent, its automobile exports rose by 62 percent, its household appliance exports increased by 41.6 percent, while the country's ship exports improved by 31.8 percent, all compared to June 2009.
 
Among the major export partners of South Korea, the country's exports to China increased by 25.3 percent, exports to the US rose by 24.2 percent, to Japan by 23.2 percent, to ASEAN countries by 28.4 percent, to the European Union by 36.2 percent, to Latin America by 69.6 percent, while decreases of 18.5 percent and 24.6 percent were recorded in its exports to the Middle East and Oceania respectively, all compared to the same month last year.
 
Meanwhile, in June, South Korea's imports rose 36.9 percent year on year, reaching $35.2 billion. Inbound shipments of raw materials went up by 27 percent while imports of capital and consumer goods increased by 26.1 percent and 18.5 percent year on year, respectively.