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Shipping containers are readied for international export at Busan port, South Korea. (Kim Bong-gyu)
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Trade surplus figure this year’s highest yet
South Korea’s exports hit an all-time high in May, marking a four-month straight double-digit increase for goods shipped to other countries. According to a report released June 1 by the Ministry of Commerce, Industry and Energy, exports in May topped 28 billion USD, a 21-percent increase over the same period last year. Imports this May rose 23.1 percent from last year, to 26.1 billion USD. The trade surplus stood at 1.95 billion USD, the highest figure recorded this year.By item, exports of petroleum products and liquid crystal display (LCD) panels rose 45.6 percent and 111.3 percent, respectively. Auto parts rose 38.3 percent and shipping vessels 27.9 percent. By region, exports to the E.U. and the U.S. increased sharply, with 40.3 percent and 12.2 percent jumps, respectively. Also on the rise were exports to China (14.9 percent) and Japan (7.9 percent). "Despite the falling foreign exchange rate, exports continue to grow," said the commerce ministry’s director-general of trade policy, Na Do-sung. "It is because companies are employing the strategy to export as many goods as possible before the exchange rate declines further."
