South Korean exports rose highest in 17 months
Economy March 9th, 2010
Increased exports of South Korea reached the highest level in 17 months to strengthen the signal in the country’s recovery from the crush of global recession.
Ministry of Economy explained overseas shipments rose 33.7% in December from a year earlier to U.S. $ 36.2 billion. This figure is higher than the median estimate of 10 economists in 27.9%. While imports rose 24% to U.S. $ 32.9 billion trade surplus so that there is U.S. $ 3.3 billion.
The high sales abroad that emphasize the strong recovery in South Korea, the third quarter the economy grew 3.2%. Exports in November 2008 recorded the largest decline for a year due to weak demand amid the financial crisis.
“Export growth will continue in the coming months following the increase in demand from abroad. South Korea should take advantage of China and the restoration of a small state affected the global recession,” said Kim Jae Eun, an economist at Hyundai Securities Co. in Seoul.
Sales of Hyundai Motor Co. and other South Korean car maker is expected to reach 1.4 million vehicles in the domestic market this year, higher than the estimate of 1.37 million in 2009.
Hyundai Heavy Industries Co., the largest shipbuilder in the world, targeting orders reached U.S. $ 17.7 billion in 2010.
During 2009, the Ministry reported a trade surplus reached a record U.S. $ 41 billion as imports fell 25.8% and exports rose 13.8%.
Exports in January predicted to grow double digits from last year after the global financial crisis cut shipments in January 2009 of 34.5%.
The Ministry also explained exports will increase 13.2% this year, after the 2009 fall of 13.9%. Exports to China, South Korea’s largest market products, up 74.4% on the first day of December 20th. Shipping to the U.S. also rose 8.7% and to Europe rose 49.4% in the same period.
