South Korea posts trade surplus for second straight month in March

According to the data released by the Export and Import Division of South Korea's Ministry of Knowledge Economy, in March this year the country recorded a trade surplus of $2.19 billion. This was the second consecutive month that a trade surplus was recorded. 
 
In March, South Korea's exports climbed 35.1 percent to $37.68 billion. Recovery from the global recession, marked by rising demand from emerging markets, helped exports return to pre-crisis levels. The export volume in most key industries was up significantly. In the month in question, South Korea's steel exports surged 21.3 percent, its automobile exports rose 62.5 percent, its household appliance exports increased 56 percent, whereas the country's ship exports declined by 18.2 percent, all compared to March 2009.
 
Among the major export partners of South Korea, the country's exports to China increased by 47.5 percent, exports to the US rose 30.4 percent, to Japan by 34.3 percent, to ASEAN countries by 61.8 percent, to the Middle East by 13.8 percent, to the European Union by 8.4 percent, while decreases of 44.9 percent and 12.8 percent were recorded in its exports to Latin America and Oceania respectively, all compared to the same month last year.
 
Meanwhile, in March, South Korea's imports rose 48.4 percent year on year, reaching $35.49 billion. Inbound shipments of raw materials went up 56.3 percent while imports of capital and consumer goods increased by 49.4 percent and 50 percent year on year, respectively.