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  • steveroper2010 steveroper2010 Apr 2, 2005 2:14 PM Flag

    Nation's exports hit a monthly high

    April 02, 2005 �� Korea set a record in monthly exports in March, but the trade surplus was reduced as the value of imports rose sharply with the higher international oil prices, the Ministry of Commerce, Industry and Energy said yesterday.
    Exports totaled $24.2 billion in March, up 14.2 percent from a year earlier.
    "Despite the unfavorable conditions, such as the continued appreciation of the local currency against the U.S. dollar, exports recovered their double-digit growth rate," said a spokesman for the Commerce Ministry. "Foreign demand for Korea's main export items, such as cars and information technology products, was strong."
    Vehicle exports surged 30 percent last month compared to a year earlier, semiconductors by 14 percent and mobile phones by 11 percent.
    The Commerce Ministry said the higher export growth rate resulted not only from increased demand but also from the global rise in the unit prices of some export items, which followed the spike in crude oil and other raw material prices.

    >>>Korea's steel exports jumped 49 percent year on year in March,<<< petroleum products and petrochemical products by 34 percent, mainly due to higher iron and crude oil prices.
    Because of the rise in the raw material prices, the nation's imports increased 18.3 percent in March, to $22.6 billion, from a year earlier. The trade surplus was $1.6 billion last month, less than the $2.2 billion recorded in February.

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