S. Korean exports soar to post biggest jump in over 20 years
By Kelly Olsen |
February 2, 2010, Tuesday
|
Print Edition
Print Edition
SOUTH Korea's exports surged in January, posting their biggest gain in more than two decades as shipments of auto parts, semiconductors and consumer electronics rose amid the global economic recovery.
Exports increased 47.1 percent to US$31.08 billion in January from the same month the year before, the Ministry of Knowledge Economy said yesterday. That was the biggest gain since exports rose 52.6 percent in August 1988, said ministry official So Myoung-hee.
The trade figures are preliminary and subject to revision.
Exports of auto parts soared 158 percent from a year earlier, while semiconductors jumped 121.6 percent and liquid crystal devices gained 103.4 percent, the ministry said. Consumer electronics, petrochemicals and automobiles all racked up double-digit percentage increases.
Mobile phones and ships, however, failed to keep pace, declining 2.1 percent and 22.9 percent, respectively.
The ministry said the export surge came as the global economy recovers. Also boosting January's figures were more exports to China ahead of Lunar New Year Day celebrations, it said.
Shipments to China rose 88.5 percent during the first 20 days of January from the year before. Lunar New Year's Day falls on February 14. Exports to China accounted for 30 percent of South Korea's total in January, So said.
Exports to the 10-member Association of Southeast Asian Nations, meanwhile, rose 50.3 percent.
Individual country and regional data of January were not yet available.
Separately, Hyundai Motor Co, South Korea's biggest auto maker, said yesterday that exports from its South Korean factories rose 27.8 percent to 66,069 vehicles in January from a year earlier.
The company also said global sales - including domestic sales, exports from South Korea and sales of vehicles made overseas - surged 50.4 percent to 269,841 vehicles.
Kia Motors Corp, the No. 2 auto maker and Hyundai affiliate, said January exports from domestic plants rose 71.2 percent to 62,550 vehicles.
Exports increased 47.1 percent to US$31.08 billion in January from the same month the year before, the Ministry of Knowledge Economy said yesterday. That was the biggest gain since exports rose 52.6 percent in August 1988, said ministry official So Myoung-hee.
The trade figures are preliminary and subject to revision.
Exports of auto parts soared 158 percent from a year earlier, while semiconductors jumped 121.6 percent and liquid crystal devices gained 103.4 percent, the ministry said. Consumer electronics, petrochemicals and automobiles all racked up double-digit percentage increases.
Mobile phones and ships, however, failed to keep pace, declining 2.1 percent and 22.9 percent, respectively.
The ministry said the export surge came as the global economy recovers. Also boosting January's figures were more exports to China ahead of Lunar New Year Day celebrations, it said.
Shipments to China rose 88.5 percent during the first 20 days of January from the year before. Lunar New Year's Day falls on February 14. Exports to China accounted for 30 percent of South Korea's total in January, So said.
Exports to the 10-member Association of Southeast Asian Nations, meanwhile, rose 50.3 percent.
Individual country and regional data of January were not yet available.
Separately, Hyundai Motor Co, South Korea's biggest auto maker, said yesterday that exports from its South Korean factories rose 27.8 percent to 66,069 vehicles in January from a year earlier.
The company also said global sales - including domestic sales, exports from South Korea and sales of vehicles made overseas - surged 50.4 percent to 269,841 vehicles.
Kia Motors Corp, the No. 2 auto maker and Hyundai affiliate, said January exports from domestic plants rose 71.2 percent to 62,550 vehicles.
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