South Korea exports slow 0.2 percent in January

Nathan Andrada – Fourth Estate Cooperative Contributor

Seoul, South Korea (4E) – Exports from South Korea showed signs of acceleration in January but fell slightly from the previous year, according to the Ministry of Trade, Industry and Energy in a report released Saturday.

Exports averaged $2.07bn on a daily basis, higher by 8.9 percent from a year ago. However, outbound shipments from the country slid 0.2 percent from the previous year to $45.58bn in January, with imports declining 0.9 percent to $44.85bn, the trade ministry said.

The monthly decline in exports is largely attributed to lesser number of working days in the month from a year ago because of the Lunar New Year holiday that started Thursday.

Trade surplus was $735mn in January, the 24th straight month the country’s trade account is in the black. This compared with year-earlier trade figures of $476mn surplus.

The report said that since the second half of 2013, exports have been on the rise. Exports for the full-year 2014 are expected to be strong as the economies in the U.S. and Europe continues to recover.

By product, exports of semiconductors surged 15.1 percent from a year earlier to $4.64bn, and mobile phones climbed 15.1 percent to $2.45bn.

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