S. Korea's exports up 11.5 pct to US$28.28 bln in October

South Korea's exports rose 11.5 percent from a year ago to US$28.28 billion in October, fueled by strong overseas demand for LCD panels, semiconductors, ships and steel, a government report said Wednesday.

Imports gained 13.6 percent year-on-year to $25.74 billion, with the country's trade surplus standing at $2.54 billion, according to the report by the Ministry of Commerce, Industry and Energy.

October marked the ninth straight monthly double-digit rise in exports, a clear indication that South Korean products have gained international competitiveness despite uncertainties surrounding North Korea's detonation of a nuclear device on Oct. 9.

The three-day Chuseok fall harvest holiday, which fell early in the month, also did not affect shipments of goods abroad, the ministry said. South Koreans worked for 20.5 days last month, which is the lowest number this year. On a daily basis, South Korean companies shipped out a record average of $1.38 billion worth of goods, exceeding the previous record of $1.27 billion posted for September. South Korea has been exporting an average of more than $1 billion a day since September 2005.

"At this pace, the country's exports could reach $320 billion by year's end," said Cha Dong-hyung, head of the trade investment division. He added that this is a gain from the previous government target of $318 billion. The trade surplus is expected to surpass $12 billion, the goal set by Seoul earlier this year.

As of October, the country's surplus reached $11.5 billion.

Exports of LCD panels rose 37.1 percent compared to the year before, while those for ships and semiconductors posted growth of 34 percent and 25.6 percent, respectively. Steel and auto exports both rose by more than 15 percent.

By region, shipments heading for Association of Southeast Asian Nations shot up 30.5 percent and those for Latin America climbed 41.2 percent during the cited month.

Imports were led by sharp increases in capital goods such as semiconductor manufacturing machines and airplanes. Raw materials and crude oil imports declined following dips in international prices

Seoul, Nov. 1 (Yonhap News)