According to the data released by the Export and Import Division of South Korea's Ministry of Knowledge Economy, in May this year the country's trade balance indicated a $2.4 billion surplus having remained in the black for four consecutive months.
However, the country's total export value in May fell by 0.4 percent year on year to $47.2 billion amid global economic uncertainties, with both exports and imports remaining stagnant. According to the report, South Korea's outbound shipments of automobiles and automobile parts continued to grow in May thanks to free trade agreements with major economies, while exports of steel and petroleum products showed slow growth due to sluggish demand.
The South Korean basic steel export value was $3.2 billion in the month in question, up 6.2 percent compared to May 2011, while its export value of automobiles in May rose by 3.7 percent year on year to $3.9 billion. The country's general machinery exports reached a value of $4.2 billion, climbing by 10.3 percent year on year. On the other hand, South Korea's export value of ships in May fell by 17.4 percent year on year to $4.3 billion.
In the given month, although exports to the Middle East and Japan indicated an increase, exports to China, to the EU and to US decreased.
Meanwhile, in May this year South Korea's imports fell 1.2 percent year on year, totaling $44.8 billion. Inbound shipments of raw materials for the first 20 days of May declined 3.3 percent year-on-year. While demand for crude oil and gas rose in South Korea, inbound shipments of steel and coal decreased in the month in question.