(2nd LD) S. Korea`s trade surplus reaches US$3.79 bln in Oct.

(ATTN: UPDATES with more details, comments from para 4)
SEOUL, Nov. 1 (Yonhap) -- South Korea's trade surplus reached US$3.79 billion in
October, down slightly from $4.71 billion the month before mainly due to weak
imports, a government report showed Sunday.
The country's exports came to $34.02 billion last month, falling 8.3 percent
on-year, with imports falling 16.3 percent to $30.23 billion, according to the
report by the Ministry of Knowledge Economy.
October's trade surplus marks the ninth consecutive month that the country
exported more than it imported, with the size of the trade surplus for this year
reaching $34.58 billion.
The figure marks the highest 10 month tally ever, surpassing the previous record
of $31.90 billion reached in the January-October period of 1998.
"Overseas demand for most products remained weak but a surge in exports of
semiconductors and liquid crystal displays contributed to the favorable balance
sheet last month," said Kang Myung-soo, head of the ministry's export-import
division.
Outbound shipments of display panels jumped 38.8 percent on-year, with numbers
for semiconductors gaining 36.8 percent.
Exports of consumer electronics and ships fell 5.4 percent and 9.2 percent,
respectively, with numbers for autos and mobile communications equipment plunging
24.1 percent and 30.1 percent last month compared to the year before.
Kang said shipments to the United States dropped 37.4 percent on-year with
numbers for Europe and Japan falling by 19 percent and 22.5 percent.
South Korean exports to China and Association of Southeast Asian Nations posted
gains of 3.4 percent and 9 percent, respectively, last month from the year
before.
He also said the country exported $1.48 billion worth of goods on a daily basis
last month, the highest since October 2008.
"The recovery in the daily tally is important because it shows that exports have
effectively recovered from the global financial crisis triggered by the Lehman
Brothers collapse in late September of last year," the official said.
On imports, South Korea purchased more crude oil and consumer goods to push up
the average daily figure to the $1.3 billion range for the first time in a year.
Imports of crude oil reached 52.4 million barrels last month from 48.7 million
barrels in September, with inbound shipments of consumer goods edging up 0.9
percent on-year from minus 6.2 percent the month before.
"Last month's 16.3 percent decrease is a sharp improvement vis-a-vis the negative
24.6 percent reached in September," the official said.
The ministry in charge of the country's industrial and trade promotion policies
said both exports and imports will probably rebound into positive territory in
November, although worldwide trade volume may decrease by an average of 10
percent on-year in 2009.
It predicted that at the present rate, the country's annual trade surplus will
surpass a record $40 billion this year.
yonngong@yna.co.kr
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