Industrial parts exports surge to record level in April

industrial parts-exports


SEOUL, May 12 (Yonhap) -- South Korea's exports of industrial parts and materials
surged to a record high level in April thanks to a sharp rise in global demand
for Korean-made products, a government report said Wednesday.
The report by the Ministry of Knowledge Economy said exports jumped 42.6 percent
on-year to $19.3 billion, marking the highest-ever monthly tally. It also marked
the six consecutive month that outbound shipments have grown by more than 30
percent.
Imports gained 32.3 percent annually to top $12.9 billion, leaving a trade
surplus of $6.4 billion for the cited month -- the largest since the government
began compiling figures in this sector in 1994, the report said.
The ministry attributed the rise in the exports to strong overseas demand for
auto and precision machinery parts and electronic components.
Chip exports shot up 172.7 percent on-year, while auto parts moved up 75 percent.
Exports of various electronic, audio-video and communications equipment rose by
53.6 percent from a year ago.
The latest report showed the country posting a trade surplus with most countries,
although its chronic deficit with Japan increased by $400 million last month from
the year before to $2.2 billion.
The trade surplus with China in this sector, meanwhile, rose to $4.0 billion from
$2.7 billion tallied for the same month last year.
South Korean parts manufacturers, in addition, posted a trade surplus of $1
billion with the Association of Southeast Asian Nations, and surpluses of $200
million each in trade with the United States and Europe.
yonngong@yna.co.kr
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