South Korea’s exports continue to increase in Jan
The data also showed that South Korea’s total imports also increased 18.6% year over year to $37.1 billion in January. Accordingly, the country posted a trade surplus for the sixtieth month in a row.
The top three major export items the country posted increases in January were petroleum products (67.4%), semiconductor (41.6%) and petrochemicals (34.9%). The increase in the exports of petroleum products and petrochemicals for the third and fourth month in a row respectively were attributed to the rise in oil prices.
The data also showed that the country’s exports to Vietnam increased by 40.7%, followed by India (27.1%), the former CIS region (23.1%), ASEAN member countries (19.2%), Japan (19.2%), China (13.5%), EU (13.4%) and the Middle East (8.8%) while the exports to the Unites States and Latin America posted respective decreases of 1.8% and 6.1%.
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