SEOUL, KOREA — Korea’s exports increased 19.6 percent year on year to record USD 557.8 billion and imports gained 23.3 percent to record USD 524.5 billion—a $33.3 billion trade surplus, according to figures released by the Ministry of Knowledge Economy on January 3.
For the month of December 2011, exports rose 12.5 percent to USD 49.7 billion and imports increased 14.0 percent to $45.7 billion, a USD 4 billion surplus. Even amid external uncertainties, including political unrest in the Middle East and the devastating earthquake in Japan, exports of ships and petrochemicals drove growth beyond 2010 levels. Although fears of a global recession slowed the pace of growth in the second half, trade was resilient and reached the long-awaited USD 1 trillion mark.
| Exports | Imports | Trade Balance | ||
| 2010 | First half | $221.3 billion | $203.8 billion | $17.5 billion |
| Second half | $245.1 billion | $221.4 billion | $23.7 billion | |
| Whole year | $466.4 billion (28.3%) |
$425.2 billion (31.6%) |
$41.2 billion | |
| 2011 | First half | $273.7 billion (23.7%) |
$258.2 billion (16.6%) |
$15.5 billion |
| Second half | $284.1 billion (15.9%) |
$266.3 billion (20.3%) |
$17.8 billion | |
| Whole year | $557.8 billion (19.6%) |
$524.5 billion (23.3%) |
$33.3 billion | |
| - Year on-year growth rates shown in parentheses. - Figures are based on customs clearance data. |
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Exports gained momentum, as ships and automobiles turned in a strong performance and Korea sent more general machinery and steel to emerging markets. Automobile exports did well thanks to greater brand awareness and increased shipments of high-end vehicles.
Exports to key trading partners increased thanks to Korea’s stronger presence in emerging markets. While outbound shipments to emerging markets and Japan increased, exports to the European Union, the United States and China were relatively slow.
Export Performance of 13 Major Export Items for 2011
|
Item |
Value | Growth Rate |
| Ships | $56.5 billion | 15.1% |
| Wireless Communications Devices | $27.2 billion | - 1.4% |
| General Machinery | $46.2 billion | 28% |
| Petrochemicals | $45.5 billion | 27.4% |
| Steel | $39 billion | 35.2% |
| Semiconductors | $50.1 billion | - 1.1% |
| Automobiles | $45.3 billion | 27.9% |
| Petroleum Products | $51.7 billion | 63.9% |
| LCD Devices | $27.8 billion | - 7.1% |
| Textiles | $16 billion | 15.0% |
| Household Appliances | $13.6 billion | 5.8% |
| Automobile Parts | $23.1 billion | 21.9% |
| Computers | $9.2 billion | 1.1% |
| - The above figures are based on customs clearance data from January 1 to December 20 and as such are only tentative. |
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Exports to Key Trading Partners for 2011
|
Partner |
Growth Rate | Percentage of All Exports |
| China |
15.7% | 24.2% |
| United States |
13.1% | 10.1% |
| Japan |
41.3% | 7.2% |
| European Union |
5.5% | 10.1% |
| ASEAN |
35.4% | 12.9% |
| Middle East |
17.3% | 5.9% |
| Latin America |
10.8% | 7.2% |
| Oceania | 33.8% | 3.0% |
| - The above figures are based on customs clearance data from January 1 to December 20 and as such are only tentative. |
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Meanwhile, imports gained 23.3 percent year on year due to rising demand for raw materials. Higher oil prices pushed inbound shipments of crude oil, gas and coal up 46.6 percent, 38.9 percent and 42.2 percent, respectively.
Imports from Key Trading Partners for 2011
|
Partner |
Growth Rate |
Percentage of All Exports |
| China |
21.6% | 16.6% |
| United States |
10.0% | 8.5% |
| Japan |
6.7% | 13.0% |
| European Union |
23.2% | 9.1% |
| ASEAN |
19.4% | 10.1% |
| Middle East |
46.0% | 22.6% |
| Latin America |
39.3% | 3.9% |
| Oceania | 28.2% | 5.4% |
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The above figures are based on customs clearance data from |
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