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SOUTH KOREAN EXPORTS SURGE 18.7 PCT IN AUGUST.

AsiaPulse News

| September 01, 2006 | COPYRIGHT 2006 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

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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