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SEOUL, Sept 1 Asia Pulse - South Korea's exports rose 18.7 per cent from a year ago to US$27.71 billion in August, fueled by strong overseas demand for petrochemicals, semiconductors and general machinery, a government report said Friday in a preliminary report.
During the reported month, imports came to $27.09 billion, up 23.1 per cent from a year ago, with the country's trade surplus standing at $620 million, according to the report by the Ministry of Commerce, Industry and Energy.
The ministry said export growth for last month marked the seventh straight month of double-digit gain, a clear indication that South Korean products have gained international competitiveness despite unfavorable exchange rates and high oil prices.
On a daily basis, South Korean companies shipped out an average of $1.15 billion worth of goods. The country has been exporting more than $1 billion a day since September 2005, although the amount has been falling since the record daily high of $1.22 billion posted for June of this year.
In the first eight months of the year, exports gained 14.2 per cent from a year earlier to $209.09 billion, while imports rose 19.8 per cent to $201.00 billion. The rise in imports is mainly the result of high crude oil prices.
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