Exports in 2011 grew 19% on strong sales of ships, vehicles

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Exports in 2011 grew 19% on strong sales of ships, vehicles

Korea’s exports grew nearly 20 percent in 2011 from a year earlier, primarily driven by robust sales of ships, vehicles and oil-related products, customs data showed yesterday.

Exports came to a record high of $556.5 billion last year, up 19.3 percent from $466.4 billion a year earlier, according to data by the Korea Customs Service. It made Korea the world’s seventh-largest exporter for a second year.

Imports also grew 23.3 percent on-year to $524.4 billion, bringing the nation’s annual trade surplus to $32.1 billion, the data showed.

Overseas sales were mostly driven by ships, vehicles and oil-related products, with sales growing 15.7 percent, 28.8 percent and 63.2 percent, respectively.

Exports of semiconductors, liquid crystal display devices and mobile communications equipment, meanwhile, fell 1.1 percent, 7.9 percent and 0.9 percent over the same period.

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