Korea's monthly exports surpass $50 billion for first time in October
Korea's trade ministry said Friday that
the nation's exports hit a record high 50.5 billion U.S. dollars last month, up 7.3 percent from a year earlier.
The previous monthly record was 49 billion posted in July 2011.
The ministry attributes the record month to a surge in shipments to the United States and the European Union.
"With demand recovering in advanced nations, Korea's exports are expected to keep growing in the coming months."
By sector, exports of information-technology products, such as semiconductors and mobile phones, led the way in October.
Outbound shipments of automobiles also grew significantly by over 20 percent after production at Hyundai Motor and Kia Motors normalized following partial strikes in September.
Imports also rose by around 5 percent to 45.6 billion dollars, making for a trade surplus of over 4.8 billion last month.
October marks the 21st straight month in which Korea has posted a trade surplus, bolstering expectations that the Korean economy is on the path to gradual recovery.
"Korea's rising exports will boost domestic demand and the number of jobs, which will contribute to the Korean economy's recovery in the fourth quarter."
The central bank said last week that the nation's economy grew 3.3 percent in the third quarter of this year from a year earlier -- the fastest pace of expansion in nearly two years.
"Despite the rosy outlook, the trade ministry cited the U.S. budget standoff and the Fed's planned tapering of its bond-buying stimulus program as major uncertainties that could have a negative impact on the nation's exports.
Hwang Ji-hye, Arirang News."
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The trade ministry said with demand recovering in advanced nations, it expects the nation's exports to keep growing. (mercantilism)