South Korea's export growth slows down

South Korea’s export growth slows down

South Korea's exports increased at a slower pace in April due to the rising oil prices and a slowdown in major overseas markets. Based on the preliminary data released by the Ministry of Commerce, Industry and Energy (MOCIE), the country's exports rose 7.7% year on year to $23.2 billion in April. In March, overseas shipments grew 13.5%, driving expectations that exports will remain the main economic engine as domestic consumption slowly picks up. South Korea's trade surplus stood at $1.96 billion in April 2005, down from $2.65 billion in April 2004, with imports reaching $21.2 billion, up 12.5% year on year.