According to the data released by the Export and Import Division of South Korea's Ministry of Knowledge Economy, in the first half of this year the country's trade balance indicated a $10.7 billion surplus, smaller compared to the first half of 2011, due to the economic slowdown in China and the
European Union.
However, the country's total export value in June rose by 1.3 percent year on year to $47.4 billion, recording the highest surplus for any month since October 2010. According to the report, South Korea's outbound shipments of automobiles rose 15.7 percent to $25 billion in the first half of the year thanks to the growing popularity of fuel-efficient models, the effects of the South Korea-EU free trade agreement (FTA), and improved market conditions in the United States. The country's automobile part exports also showed a strong performance in the first half, while exports of ships posted a sharp year-on-year decline of 20.1 percent, totaling $25.5 billion.
The South Korean basic steel export value was $18.6 billion in the half in question, up 6.1 percent compared to January-June 2011, while the country's general machinery exports reached a value of $24.3 billion, climbing by 9.8 percent year on year.
Meanwhile, in the first half of the current year South Korea's imports rose 2.5 percent year on year, totaling $264.6 billion. Rising demand for gas and crude oil pushed inbound shipments of raw
materials up four percent in the first six months of the year.