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Korea's Trade Surplus Marks Record High of $41.7 Bil. Last Year Updated: 2011-01-01 00:00:00 KST

2010 turned out to be a remarkably good year on Korea's trade front.. as the country made a healthy rebound from the global recession.
Figures released by the Ministry of Knowledge Economy show the country posted a record-high trade surplus of more than 41.7 billion US dollars last year.
Korea also raised its global export ranking to the seventh largest, while moving one notch up to the ninth-largest trading country.
In addition, the overall trade balance marked significant gains in 2010 compared to sluggish trade a year earlier with exports surging 28.6 percent on-year to reach 467.4 billion dollars, while imports were up by 31.8 percent to mark 425.7 billion dollars.
Officials say the favorable trade balance for last year is a significant milestone in terms of the country's macro-economy.
The record figures indicate the country had solid performances in many sectors including semi-conductors, automobiles, mobile communications and general machinery equipment, despite the appreciation of the Korean currency as well as the tension on the peninsula.
As for imports gains in oil and raw materials prices caused them to rise by more than 30 percent while commodities imports posted a roughly 35 percent hike.
Capital and consumer goods also both moved up about 29 percent.
The positive trend is likely to continue, as the Knowledge Economy Ministry is expecting exports to sustain their robust growth, reaching 513 billion dollars.
The trade volume is expected to surpass the one-trillion dollar mark for the first time in 2011 based on projections that the global economy is likely to grow roughly 4 percent.
Yang Ji-woo, Arirang News.
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