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S. Korea’s export posts double-digit growth in 11 months (Issue No. 465)  South Korea’s exports of IT products and autos markedly jumped as the global economy showed signs of recovery.
The nation’s exports jumped 11.8 percent on-year to record $4.6 million in January this year, according to the recent
data released by the Ministry of Knowledge Economy (MKE). This marks a double-digit growth of the nation’s export
in 11 months. Imports also climbed at a pace of 3.9 percent to reach $4.52 million.
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IT sector’s contribution to S. Korea’s exports declines while energy gains (Issue No. 462) South Korea’s exports of IT products hit a record high last month, buoyed by growths in the nation’s outbound
shipments of handsets and semiconductors.
The nation’s IT exports in October amounted to $14.55 billion, surpassing the previous record high of $14 billion
in October of 2010, according to data on October’s export and import activities released by the Ministry of
Knowledge Economy (MKE). When compared to the same period a year ago, this is up 6.1 percent from $13.7
billion. The figure rose 3.4 percent from the previous month of $14 billion.
Such an upward trend was largely driven by strong exports of handsets and semiconductors. The nation’s
outbound shipments of handsets jumped for three consecutive months to $2.2 billion while those of semiconductors
broke this year’s highest level of $4.6 billion. Exports of strategically-important smartphones to the European
countries continued an upbeat trend while the reliance of overseas manufacturing slid three percent to 78 percent,
all of which contributed to the expansion of handset exports.
The nation’s inbound shipments of IT products also went up 10.9 percent on-year to reach $7.4 billion and thus
IT trade surplus declined slightly to post $7.1 billion. The IT trade surplus was 1.9 times higher than the total trade
surplus, indicating that IT exports are driving up the overall surplus of trade balance.
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Container cargo volume climbs 4.7 pct in June (Issue No. 458) The volume of container cargoes handled by South Korean seaports in June this year will rise 4.7 percent on-year to log 1.87 million TEU(twenty-foot equivalent unit), revealed the Ministry of Land, Transport, and Maritime Affairs(MLTM) Import and export cargoes are estimated to climb 4.1 percent to reach 1.15 million TEU, while transshipment cargos will climb 7.2 percent to 0.69 million TEU.
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Q3 export sentiment hits record-low since Q1, 2009 (Issue No. 458) Business conditions for South Korea’s exports will continue to stagnate in the third quarter (Q3) of this year due to euro-zone financial problems and China’s economic slowdown, a poll recently showed.
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S. Korea-China FTA (Issue No. 456) South Korea and China officially declared the start of bilateral free trade talks in a recent joint statement. After his recent
meeting with Chinese Commerce Minister Chen Deming, South Korea’s Trade Minister Park Tae-ho issued a joint statement announcing the beginning of formal FTA negotiations.
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South Korea turned out to have benefited greater from the Korea-US (KORUS) free trade agreement(FTA) in April, which went into effect in March this year.
South Korea’s exports are expected to remain relatively stable in the second quarter (Q2) this year after two quarters of
