South Korea's trade surplus grows

Last Updated: Wed, Nov 14, 2012 07:40 hrs

Seoul, Nov 14 (IANS) South Korea's trade surplus grew to $3.73 billion last month due to an export rebound that offset a rise in imports, customs data showed Wednesday.

According to the Korea Customs Service (KCS), the country's trade surplus reached $3.73 billion in October, up from a revised surplus of $2.91 billion for September, reported Xinhua.

The figure was slightly down from a preliminary figure of $3.8 billion estimated earlier by the Ministry of Knowledge Economy, but the trade balance stayed in the black for nine months in a row.

The October surplus growth was attributable to strong demand for South Korean products from China that led the export rebound.

Exports, which account for around half of the South Korean economy, expanded 1.1 percent on-year to $47.15 billion in October, marking the first rebound in four months.

Shipments to China, South Korea's No.1 trading partner, grew 5.6 percent on-year in October, topping the $12 billion level for the first time. Those to the Southeast Asian nations and the European Union (EU) increased 10.2 percent and 2 percent, but exports to the US declined 3.5 percent last month.

Imports increased 1.7 percent on-year to $43.42 billion in October, the first rebound in eight months. The rebound was attributed to demand for automobiles and home appliances that jumped 37.3 percent and 7 percent each.

For the first 10 months of this year, exports reached $455.4 billion, down 1.3 percent from the same period of last year. Imports fell 0.7 percent to $433.1 billion over the same period, sending the trade surplus to $22.3 billion.

More from Sify: