Nation’s trade in the black yet againKorea’s trade surplus grew from a year earlier to $4 billion last month, remaining in the black for the 23rd consecutive month, the government said yesterday.
The country’s exports reached $49.7 billion in December, up 12.5 percent from the same period last year with imports growing 14 percent to $45.7 billion, according to the Ministry of Knowledge Economy.
For the whole of 2011, the country’s exports gained 19.6 percent on-year to $557.8 billion with imports growing 23.3 percent to $524.5 billion for a trade surplus of $33.3 billion.
South Korea’s trade volume topped $1 trillion in early December for the first time in the country’s history, making it the world’s ninth nation to have ever reached the $1-trillion mark in trade.
The ministry said the country’s trade will continue to grow this year, albeit at a slower rate.
“Growth of exports and imports is expected to slow down in 2012 amid growing uncertainties in the global economy,” it said in a press release.
The ministry forecast the country’s trade surplus to shrink to $25 billion in 2012 with its exports gaining 6.7 percent from last year to $595 billion and imports rising 8.7 percent to $570 billion.
In 2011, export growth was led by the refinery and steel industries, whose overseas shipments jumped 63.9 percent and 35.2 percent on-year, respectively.
The ministry said export growth this year will likely be led by the machinery and auto parts industries amid expanding demands from newly emerging economies. Shipments by the steel industry will gain slightly, but its overall sales from exports will likely drop. Yonhap
More in Economy
The robots are rising faster in Korea than elsewhere
Monthly births hit an all-time low in November 2020
FOMO jumps the Han River as young buyers panic over property
GDP growth goes negative for only the third time
$1 billion of losses expected at state power companies