South Korea's exports rose 22.1 percent from a year ago to a record high of US$29.93 billion in September, fueled by strong overseas demand for cars, petrochemicals, semiconductors and steel, a government report said Sunday.
During the cited month, imports reached $27.90 billion, up 22.8 percent year-on-year, with the country's trade surplus standing at $2.03 billion, according to the report by the Ministry of Commerce, Industry and Energy. The trade surplus is the highest of this year.
The ministry said the export growth for last month marked the eighth straight monthly double-digit rise, a clear indication that South Korean products have gained international competitiveness despite unfavorable exchange rates and high oil prices.
Na Do-sung, head of the ministry's trade policy office, said the sharp rise in exports can be linked to efforts by companies to ship out their goods before the three-day "Chuseok" fall harvest holiday period that falls later this week.
"At the present pace, exports for the year will exceed the $318.0 billion target set by the government and could pull off double-digit growth into 2007," he said. The director general added the trade surplus will likely move past $12 billion. Na, however, said a drop in the number of working days in October could cause growth to fall into single digits for the month.
On a daily basis, South Korean companies shipped out a record average of $1.27 billion worth of goods, exceeding the previous record of $1.22 billion in June of this year. South Korea has been exporting an average of more than $1 billion a day since September 2005. The daily average of $1.19 billion worth of imports was also a record.
Most of the imports were oil and oil-related products, although the ministry said demand for durable goods increased during the month.
In the first nine months of the year, exports gained 14.9 percent from a year earlier to $238.62 billion, while imports rose 20.2 percent to $229.04 billion. The rise in imports is mainly the result of high crude oil prices.
The faster growth of imports compared to exports has resulted in the country's trade surplus shrinking to $9.57 billion in the January-September period, following $17.05 billion during the same nine months in 2005.
For the third quarter, exports reached $83.26 billion, up 17.1 percent compared to last year, while imports gained 21.4 percent to $80.42 billion. The trade surplus for the three-month period reached $2.85 billion.
By sector, exports of autos climbed 23.6 percent last month as local carmakers started shipping out vehicles to make up for lost sales due to a labor strike. Workers at Kia Motors Corp., South Korea's second-largest automaker, returned to work on Sept. 1 after a six-week strike. Hyundai Motor Co., the country largest carmaker, settled its strike in August.
Exports of petrochemicals increased 36.1 percent in September, while overseas sales of semiconductors and steel were up 23.6 percent and 38.7 percent, respectively, during the month, helping export numbers. Liquid crystal display panel exports rose 78.3 percent.
The report also showed that South Korean exports to India, Russia, South America, Japan, China and members of the Association of Southeast Asian Nations grew by double digits.
Seoul, Oct. 1 (Yonhap News)
S. Korean exports reach record US$29.93 bln in September |
