ID :
130757
Thu, 07/01/2010 - 11:02
Auther :

S. Korea posts record trade surplus of US$7.47 bln in June

(ATTN: RECASTS headline, lead; UPDATES with more details, comments throughout)
SEOUL, July 1 (Yonhap) -- South Korea posted a record trade surplus of US$7.47
billion in June, thanks to the surge in overseas demand for locally made
products, a government report showed Thursday.
The favorable trade balance is the largest tallied since Seoul started keeping
track of export-import figures from 1950 onwards, and much higher than the $4.13
billion surplus tallied for the previous month, the report by the Ministry of
Knowledge Economy said.
It said last month's trade surplus marks the fifth month in a row that the trade
balance has stayed in the black.
Exports surged 32.4 percent on-year to an all-time monthly high of $42.63
billion, with imports gaining 36.9 percent to $35.18 billion, the monthly report
said.
"A surge in overseas demand for semiconductors and automobiles contributed to the
unprecedented export and trade balance figures," An Byung-hwa, head of the
ministry's export-import division, said.
The official said exports of semiconductors jumped 97.3 percent on-year, with
automobiles gaining 57.7 percent. An said a sharp rise in outbound shipments to
China and developing economies fueled gains last month, although exports to the
United States, Japan and the European Union all grew compared to the year before.
Imports also surged as the country bought more crude oil, natural gas and coal
from abroad, he added.
The report also showed the country's trade surplus hitting $18.94 billion in the
first half with exports gaining 35.0 percent on-year to $222.45 billion and
imports rising 40.0 percent to $203.50 billion.
At the present pace, the country's trade surplus is expected to surpass the $20
billion target set by the government earlier in the year.
yonngong@yna.co.kr
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