According to the data released by the Export and Import Division of South Korea's Ministry of Knowledge Economy, in 2011 the country's trade surplus was $33.3 billion. The country's total export value in 2011 rose 19.6 percent year on year, reaching $557.8 billion, while its steel exports were valued at $39 billion, increasing 35.2 percent compared to 2010.
The ministry stated that, even amid external uncertainties including political unrest in the Middle East and the devastating earthquake in Japan, exports of ships and petrochemicals drove growth beyond 2010 levels. Although fears of a global recession slowed the pace of growth in the second half, South Korean trade was resilient and reached the $1 trillion level.
In 2011, exports to emerging markets and Japan increased, while exports to the European Union, the United States and China were relatively slow.
South Korea's export value of ships in 2011 rose by 15.1 percent compared to 2010 to $56.5 billion, while its automobile exports reached a value of $45.3 billion, climbing by 27.9 percent year on year. Furthermore, in 2011 South Korea's general machinery exports came to $46.2 billion, with an increase of 28 percent compared to 2010.
Meanwhile, in 2011 South Korea's imports rose 23.3 percent year on year in value to reach $524.5 billion, due to rising demand for raw materials. Higher oil prices pushed inbound shipments of coal up 42.2 percent year on year.