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  • Nov 2nd, 2005
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South Korea's exports hit a record monthly high of more than 25 billion dollars in October thanks to strong overseas demand for cars, ships and machinery, government data showed Tuesday.

Customs-cleared exports rose 13.4 percent year-on-year to 25.71 billion dollars - the first time the country's exports have topped 25 billion dollars in a single month, the commerce, industry and energy ministry said. Imports rose 11.6 percent year-on-year to 22.78 billion dollars in October, the ministry said in a monthly trade report.

The trade surplus of 2.9 billion dollars in October was up from 2.07 billion dollars in September, while the cumulative trade surplus in the 10 months to October reached 20.46 billion dollars, it said.

The ministry attributed robust exports to strong demand for cars, ships and machinery while imports rose sharply because higher oil and other raw materials prices.

"It is forecast that robust exports will continue on global competitiveness of the country's key export industry and stable growth of the world economy," the ministry said in a statement. Exports of ships and machinery rose 45.5 and 27.9 percent year-on-year respectively last month. Exports of steel and chips also jumped more than 10 percent.

Overseas sales of mobile handsets climbed 5.9 percent with cars growing 9.2 percent last month.

Oil purchase prices soared 41.2 percent year-on-year last month, resulting in a 33.9 percent rise in total spending on oil.

Copyright Agence France-Presse, 2005


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