Exports Starting to Increase

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Exports Starting to Increase

In November, exports started to turn around and showed increases for the first time since May 1998 while the rate of decreasing imports also slowed down.
The Ministry of Commerce, Industry, and Energy (MOCIE) announced on December 1 that the total sum of exports in November increased by 1.5% to 12.1 billion dollars.
According to the MOCIE, the trade surplus reached 35.9 billion dollars in total and that of November recorded 3.7 billion dollars.
Oh Young Kyo, a high ranking official of the MOCIE said, 'The trade surplus will reach 40 billion dollars by the end of this year. The total sum of exports decreased only by 2% to 133 billion dollars compared to that of last year.'
This surge in exports stems from the increase in main export products such as semiconductors and motors. Exports of these products increased by six to ten percent. International conditions also became more favorable. The interest cuts and boosting policy of the U.S., Europe, and Japan served as good factors for exports.
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