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's trade surplus reached $800 million even amid great uncertainty in the global economy. South Korea's total exports in August rose 27.1 percent year on year, reaching $46.4 billion, with outbound shipments of steel amounting to $3.24 billion and shooting up 30.9 percent year on year.
South Korea's exports of ships in the given period rose 77.5 percent year on year to $4.25 billion, while its automobile exports reached a value of $3.23 billion, climbing by 32.5 percent year on year. Furthermore, in August South Korea's general machinery exports came to $3.42 billion with an increase of 23.5 percent, compared to August 2010.
In the given period, among the major export partners of South Korea, the country's exports to China increased by 16.5 percent, exports to Japan rose by 30.9 percent, exports to ASEAN countries climbed up by 26.9 percent, exports to the European Union rose by seven percent, while exports to the US decreased by 5.9 percent, and exports to Latin America fell by 31.4 percent, all compared to the same period last year.
Meanwhile, in August, South Korea's imports rose 29.2 percent year on year, reaching $45.6 billion. Inbound shipments of raw materials went up by 30.6 percent, while imports of coal increased by 35.5 percent year on year.