South Korean exports reach to record level in April
According to preliminary data released by Ministry of Commerce, Industry and Energy; South Korean exports grew by 38% to $21.7 billion in April. Thus, Korea has nearly achieved its 2004 trade surplus in just four months, with exports of mobile phones, automobiles and semiconductors setting a record pace. April trade surplus reached $2.9 billion, the highest level recorded since December 1998. Year-to-date trade surplus totaled to $9.7 billion. The government's target for the full year was $10 billion. The record trade surplus is attributed to the notable recovery in the world economy and increased domestic efforts to ship more value added goods to markets like China, US and European Union. Exports to China have been the main source of growth in South Korea's economy this year. South Korean Ministry of Finance said the economy could grow by approximately 6% this year, up from 3.1% in 2003.