According to the data released by the Export and Import Division of South Korea's Ministry of Knowledge Economy, the country's trade balance indicated a $4.5 billion surplus in November, up from $3.7 billion in October and marking the 10th consecutive month in which a trade surplus was registered.
Despite the unfavorable economic conditions, both exports and imports continued their upward trend. The country's total export value in November rose by 3.9 percent year on year and was up 1.5 percent compared to October, totaling $47.8 billion.
South Korea's basic steel export value was $3.8 billion in the month in question, up 15.3 percent compared to November 2011, while its export value for automobiles in November rose by 1.8 percent year on year to $4.5 billion. The country's general machinery exports amounted to $3.9 billion, dropping by 1.9 percent year on year. On the other hand, South Korea's export value for ships in November fell by 47.4 percent year on year to $1.9 billion.
In the given month, while exports to the ASEAN region and China gained, outbound shipments to the United States and the European Union declined.
Meanwhile, in November this year South Korea's overall imports rose 0.7 percent year on year, totaling $43.3 billion. Imports of raw materials to the country fell by 3.7 percent year on year partly due to weaker demand for coal.