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SEOUL, April 2 Asia Pulse - South Korea's exports grew at a double-digit rate for the 14th straight month in March, fueled by strong overseas demand for semiconductors, ships, petrochemicals and steel, a government report said Monday.
Overseas shipments grew 14 per cent year-on-year to US$30.6 billion last month, according to the report by the Ministry of Commerce, Industry and Energy. In February, exports climbed 10.5 per cent from the previous year to $26.2 billion.
March's imports increased 12.1 per cent to $2.91 billion, the ministry said, adding that the nation posted a monthly trade surplus of $1.5 billion last month. The monthly surplus represents a gain of $620 million from March 2006.
On a daily basis, the country exported an average of $1.30 billion worth of goods in March, up from $1.28 billion in February. South Korea has been exporting an average of more than $1 billion a day since September 2005.
The South Korean economy, Asia's third largest, is expected to grow around 4.5 per cent this year, fueled by resilient exports.
"Despite concerns that the appreciation of the won would start to hurt exporters, all figures indicate that most companies are coping well and have expanded overseas volume," said Oh Jung-kyu, head of the ministry's trade investment promotion bureau. He said this is a indication that South Korean products have become more ...