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 $6 billion surplus in May this year, remaining in the black for the 16th consecutive month and reaching the largest level since October 2010.
South Korea's export value rose by 3.2 percent year on year to $48.4 billion in May, while its overall import value declined 4.8 percent from a year earlier to $42.3 billion. Exports of steel, on the other hand, declined sharply, mainly due to sluggish recovery of the steel market. The country's basic steel export value fell 13 percent to $2.8 billion, compared to May 2012. Exports of ships also continued to fall with a year-on-year decline of 33.3 percent in May to $2.8 billion. An oversupply of ships, the financial crisis in the European Union and a contraction of shipping finance were contributing factors in this decline.
Meanwhile, South Korea's export value for automobiles in May rose by 6.2 percent year on year to $4.2 billion. South Korea's general machinery exports in May amounted to $4.2 billion, rising by 0.7 percent year on year.
According to the ministry's report, in May this year, although South Korea's exports to the United States and Latin America increased, its exports to the European Union, Japan and the Middle East showed negative growth.