According to the data released by the Export and Import Division of South Korea's Ministry of Knowledge Economy (MOTIE), the country's trade balance indicated a $19.6 billion surplus in the first half of this year, posting a slight increase in exports despite unfavorable external conditions.
South Korea's export value rose by 0.6 percent year on year to $277 billion in the first half, while its overall import value declined 2.6 percent from a year earlier to $257 billion. The country's basic steel export value fell 11.9 percent year on year to $16.4 billion in the first half of the current year. Exports of ships also saw a strong fall with a year-on-year decline of 25.3 percent in the first half to $19 billion. Meanwhile, South Korea's export value for automobiles in the period in question fell by 1.7 percent year on year to $24.6 billion. South Korea's general machinery exports in the first half amounted to $24 billion, falling also by 1.7 percent year on year.
According to the ministry's report, in the first half of this year, despite sluggish exports to Japan and the European Union due to a weak Japanese yen and the European financial crisis, outbound shipments to emerging economies such as China and the ASEAN region posted strong growth.