S. Korea’s exports hit US$ 54.97 bil. in October
- 5 years ago
10월 수출 22.7%↑…6개월 연속 500억달러 돌파
Seoul's trade ministry released its preliminary data on the country's exports and imports.
For the month of October, some robust numbers were listed.
Kim Hyesung breaks down the digits for us.
South Korea's exports hit nearly 55 billion U.S. dollars in October-- the second highest figure since the government began recording related trade data in 1956.
It's also the first time Korea has posted six straight months of exports that top 50 billion dollars.
The Trade Ministry says exports in October grew 22-point-seven percent on-year.
"Of the thirteen major export items, ten sectors including semiconductors and petrochemical goods saw higher exports. Eight of them increased by double digits. Semiconductors grew 22-point-two percent on year, recording 11-point-six billion dollars. The accumulated sales of semiconductors passed the 100 billion dollar mark on October 16th."
Petrochemical goods exports also surged over 40 percent on-year in October on rising global oil prices.
Korea's other main exports including machinery, autos and auto parts also picked up.... while exports of displays, ships, and wireless communication devices fell due to weaker global demand.
By region, exports to China, the U.S., Europe and ASEAN countries all increased...while those to the Middle East dropped due to sluggish demand.
The strong export growth figures in October following an 8-point-two percent drop in September were also affected by the traditional three-day Chuseok holidays falling in October last year but in September this year.
"October had more working days compared to last year due to Chuseok. But still, exports in September and October increased compared to last year. The rebound in machinery and car exports is particularly encouraging. But going forward, we'll see a decline in memory chip prices, and slowing growth in China... which affects Korea's machinery goods exports."
Imports jumped near 28 percent on-year, recording over 48 billion dollars in October... leaving a trade surplus of 6-point-five billion dollars.
"The trade ministry says Korea is likely to surpass 600 billion dollars in exports for the first time this year, but added that the ongoing U.S.-China trade spat is a downside risk for Korean exports.
Kim Hyesung, Arirang News."
Seoul's trade ministry released its preliminary data on the country's exports and imports.
For the month of October, some robust numbers were listed.
Kim Hyesung breaks down the digits for us.
South Korea's exports hit nearly 55 billion U.S. dollars in October-- the second highest figure since the government began recording related trade data in 1956.
It's also the first time Korea has posted six straight months of exports that top 50 billion dollars.
The Trade Ministry says exports in October grew 22-point-seven percent on-year.
"Of the thirteen major export items, ten sectors including semiconductors and petrochemical goods saw higher exports. Eight of them increased by double digits. Semiconductors grew 22-point-two percent on year, recording 11-point-six billion dollars. The accumulated sales of semiconductors passed the 100 billion dollar mark on October 16th."
Petrochemical goods exports also surged over 40 percent on-year in October on rising global oil prices.
Korea's other main exports including machinery, autos and auto parts also picked up.... while exports of displays, ships, and wireless communication devices fell due to weaker global demand.
By region, exports to China, the U.S., Europe and ASEAN countries all increased...while those to the Middle East dropped due to sluggish demand.
The strong export growth figures in October following an 8-point-two percent drop in September were also affected by the traditional three-day Chuseok holidays falling in October last year but in September this year.
"October had more working days compared to last year due to Chuseok. But still, exports in September and October increased compared to last year. The rebound in machinery and car exports is particularly encouraging. But going forward, we'll see a decline in memory chip prices, and slowing growth in China... which affects Korea's machinery goods exports."
Imports jumped near 28 percent on-year, recording over 48 billion dollars in October... leaving a trade surplus of 6-point-five billion dollars.
"The trade ministry says Korea is likely to surpass 600 billion dollars in exports for the first time this year, but added that the ongoing U.S.-China trade spat is a downside risk for Korean exports.
Kim Hyesung, Arirang News."