Exports, Imports Hit Monthly Record
By Ryu Jin
Staff Reporter
South Korean exports climbed 17.5 percent to a monthly record of $35.9 billion in November, fueled by strong overseas demand for general machinery, flat panels and telecommunication equipment.
Imports also rose 26.5 percent to a monthly record of $33.9 billion last month, resulting in a trade surplus of $2.1 billion, according to the Ministry of Commerce, Industry and Energy Monday. Soaring oil prices pushed up the import bill.
The growth in exports was largely attributed to increased demand for general machinery products, liquid crystal displays and telecommunication products in emerging markets, such as China and the Middle East.
In contrast, the growth of automobile exports remained at 3.5 percent, dwarfed by sluggish demand in North America and Europe. Exports of semiconductors fell 11.4 percent in November due largely to price decreases.
By region, export growth was brisk in the Middle East (28 percent), ASEAN (23.6 percent) and China (23.1 percent). Shipments to Japan also rose a handsome 12.5 percent thanks to brisk exports of semiconductors and petroleum products.
But exports to the European Union were sluggish with a 5.7 percent gain while those to the United States remained flat.
Imports were led by raw materials whose imports surged 32.8 percent due to the 42.6 percent jump in the oil import bill in the month. Imports of steel and nonferrous metals were also bullish.
Imports of capital goods including semiconductor manufacturing equipment expanded 23.6 percent, but import growth of consumer goods stood at 15.6 percent.
``Exports kept their double-digit growth in November thanks to strong exports to emerging markets and the Middle East. However, an import surge resulting from high oil prices and rises in raw materials prices will weigh on the country’s trade balance,’’ a Ministry of Commerce, Industry and Energy official said.
Meanwhile, the country’s cumulative exports in the first 11 months of the year reached $338.7 billion, while imports hit $322.5 billion, the ministry said. The trade surplus in the Jan.-Nov. period amounted to $16.1 billion, easily surpassing the year’s goal of $15 billion.