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Posted : 2012-11-22 09:48
Updated : 2012-11-22 09:48

Korea's exports on growing trend in Nov.: data

Korea's exports are likely to gain ground in November, weathering the global economic slowdown and the local currency's ascent to the U.S. dollar, data showed Thursday.

The value of Korea's outbound shipments reached US$28.2 billion during the first 20 days of this month, up 1.7 percent from a year earlier, according to estimates by the finance ministry and the state-run customs agency.

The uptrend comes after Korea's exports grew 1.1 percent in October from a year earlier, the first on-year gain in four months.

"Exports to China were good and given the trend that export volumes pick up toward end-month, the country's exports are likely to show improved performance," said an official at the finance ministry.

Korea's exports, which account for about 50 percent out of the economy, have weakened, hit by the protracted eurozone debt crisis and China's slowing economy.

The won's gain has burdened exporters by making prices of export goods more expensive in overseas markets. The local currency has appreciated more than 6 percent to the greenback so far this year

South Korea's imports tentatively amounted to $27.92 billion in November, down some 2 percent from the previous year, according to the data.

The country's imports remain sluggish mainly because domestic demand is in the doldrums and local firms are refraining from increasing investment.

Korea has maintained the trade surplus since February as imports have fallen at a faster pace than exports amid the global economic slowdown.

The central bank's 2012 economic growth stood at 2.4 percent and its forecast for the full-year growth of goods exports came in at 3.4 percent, slowing from 10.5 percent last year. (Yonhap)

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