By Kim Jae-won
The nation’s trade account recorded a surplus for the seventh consecutive month in August on the back of robust exports of semiconductors and passenger vehicles.
The Ministry of Knowledge Economy reported Tuesday that the trade surplus reached $2.08 billion last month, with exports outperforming imports amid a gradual recovery of the global economy.
Exports surged 29.6 percent to $37.53 billion last month from a year ago, with imports gaining 29.3 percent to $35.45 billion.
The August figure was a setback from the previous month’s $5.51 billion surplus, the third-largest since it began compiling related data in 1950.
“The decline was expected since most workers went on their summer vacations in August,” An Byung-hwa, head of the ministry’s export-import division, said.
An said that overseas demand for locally made products such as semiconductors and autos all fueled exports that actually grew at a faster pace than in the previous month.
Outbound shipments of semiconductors and cars rose 59.6 percent and 27.5 percent each year-on-year, respectively, while exports of car parts and crystal displays increased 79.5 percent and 68.2 percent.
Imports rose as the country bought more crude oil, natural gas and coal to drive its economy, with purchases of capital and consumer goods also surging as the domestic economic recovery started to pick up pace.
According to the latest report by the World Trade Organization, South Korea was the seventh-largest exporting country in the first half of this year in the world, up two notches from the previous year and the highest rank reached by the country so far
China was the largest exporter, followed by the United States, Germany, Japan, the Netherlands and France.
Based on the strong first-half performance, the ministry raised its full-year forecast for the trade surplus to $32 billion from an earlier projection of $23 billion. It expects that exports will rise by 26 percent on-year to around $458 billion in 2010, while imports are forecast to grow by 32 percent to $426 billion.
The ministry said that “In the latter half of this year, the global economy is expected to sustain a robust growth, powered by strong momentum in the emerging economies. Chances are that Korea will join the league of the global top eight exporters this year,” a ministry official said.