October Exports Hit Record High of $19 Billion

South Korea’s exports in October recorded the largest monthly figure ever, exceeding $19.03 billion.

According to the announcement of the Ministry of Commerce, Industry and Energy (MOCIE) on November 2, ”October export-import records (an estimate based on customs clearance), last month’s exports stood at $19.03 billion and the imports at $16.53 billion. This resulted in a trade surplus of $2.504 billion. October exports increased by 26.2 percent from the same month a year ago.”

The MOCIE expected that this year’s export would reach a record high of $190 billion, with the South Korean exports showing positive signs, owing to the strong Japanese yen and the international economic recovery. In addition, this year has shown a trade surplus of $10.79 billion and therefore, a $13 billion annual surplus is expected.

October imports increased by 19.6 percent from the same month a year ago, thereby recording the highest figure since March of this year ($15.87 billion).

Automobile exports showed a remarkable increase of 32.5 percent, semiconductors 32.1 percent, wireless communications equipment 31.3 percent, and computers exports 32.2 percent, while ship exports declined 15.2 percent, petrochemicals 6.3 percent, and textiles dropped 5.1 percent.

Shipments bound for China soared 44.1 percent, and exports to developed countries increased 10.6 percent for the United States, 32.4 percent for EU, and 18.4 percent for Japan, showing favorable signs for the South Korean market.

Eun-Woo Lee libra@donga.com