South Korea records increase in shipments of key export items in August

According to the data released by the Export and Import Division of South Korea's Ministry of Knowledge Economy, in August this year the country recorded a trade surplus of $2.08 billion.
 
In August, on the back of the global economic recovery and robust outbound shipments of most export items, South Korea's exports climbed 29.6 percent year on year to $37.53 billion.
 
In the month in question, South Korea's steel exports rose by 39.5 percent to $2.49 billion, its automobile exports surged by 27.5 percent to $2.19 billion, its household appliance exports increased by 41.8 percent to $1.19 billion, while the country's ship exports declined by 10.8 percent to $1.61 billion, all compared to August 2009.
 
Among the major export partners of South Korea, the country's exports to China increased by 29.9 percent, exports to the US rose by 49.4 percent, to Japan by 45.3 percent, to ASEAN countries by 32.8 percent, to the European Union by 30.1 percent, to Latin America by 39.9 percent, to the Middle East by 54.4 percent, while a decrease of 37.4 percent was recorded in its exports to Oceania, all compared to the same month last year.
 
Meanwhile, in August, South Korea's imports rose 29.3 percent year on year, reaching $35.45 billion. Inbound shipments of raw materials went up by 34 percent while imports of capital and consumer goods increased by 37.7 percent and 61.6 percent year on year, respectively.