Korea's monthly exports surpass $50 billion for first time in October
Korea's monthly exports topped 50 billion U.S. dollars for the first time in October, raising expectations for a stronger-than-expected economic recovery in the coming months.
To tell us where the exports surge came from and more, we connect live by phone to our Hwang Ji-hye at the trade ministry.
Ji-hye, what does the latest numbers look like?
Hello You-sun, Mark.
The trade ministry said this morning that
the nation's exports hit a record high 50.5 billion dollars last month, up 7.3 percent from a year earlier.
The previous monthly record was 49 billion posted in July 2011.
The record high was helped by a surge in shipments to the United States and the European Union.
Amid a moderate economic recovery in advanced nations, shipments to the U.S. soared by over 20 percent, while exports to the EU also jumped 16 percent from a year earlier.
By product, information-technology products, such as semiconductors and mobile phones, led the rise in the country's exports.
Outbound shipments of automobiles also grew significantly by over 20 percent after production at major local carmakers Hyundai Motor and Kia Motors normalized following partial strikes in September.
Imports also rose by around five percent to 45.6 billion dollars for a trade surplus of over 4.8 billion dollars in October.
With the October performance, Korea has posted a trade surplus for 21 months in a row.
The trade ministry said with demand recovering in advanced economies, it expects the nation's exports to keep growing.
Alright Ji-hye, thanks for that report.
That was our Hwang Ji-hye reporting live from the trade ministry.
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