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SHIP EXPORTS HELP S. KOREA POST US$1 BILLION TRADE SURPLUS.
SEOUL, June 2 Asia Pulse - A record surge in exports of ships in May helped South Korea post its first monthly trade surplus in six months, a government report showed Monday.
The Ministry of Knowledge Economy said exports rose 27.2 per cent on-year to $US39.49 billion last month, while imports jumped 28.8 per cent to $US38.45 billion for a surplus of .04 billion. Last month marked the eighth consecutive month that exports grew by double digits, while the average daily export volume climbed 32.9 per cent from the previous year to .76 billion.
It said last month's ship exports shot up 56 per cent year-on-year to reach an unprecedented $4.90 billion. The ministry said exports of a $US1.3 billion floating production storage and offloading vessel to Nigeria and seven liquid natural gas (LNG) carriers played a key role in bolstering exports. Each LNG carrier costs over $100 million. In the first five months of this year, ship exports hit $US15.96 billion. In 2007, total ship exports reached $US27.77 billion.
The provisional report also said exports of petroleum products rose 118 per cent while those of mobile communication equipment, steel and general machinery all gained more than 20 per cent from the same one-month period of the previous year.
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