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South Korea’s exports continue to increase in Jan

by ChemOrbis Editorial Team -
  • 03/02/2017 (14:51)
Data released by South Korea’s Trade, Industry and Energy Ministry showed that the country’s total exports were up by 11.2% year over year to $40.3 billion in January and posted an increase for the third month in a row following consecutive months of decreases. This was also the first double digit increase in exports the country posted since January 2013.

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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