S. Korea exports hit record high in 2014

12/01/2015 12:00 - 517 Views

SEOUL: South Korea enjoyed record exports last year, data showed Friday, despite slow growth in key market China and a sluggish recovery in Europe.

For the whole of 2014, overseas shipments grew 2.4% to US$573.1bil and imports rose 2% to US$525.70bil, the trade ministry said.

As a result, South Korea’s trade surplus widened to a record high of US$47.41bil, it said. The trade balance has been in the black since February 2012.

In December alone, exports rose 3.7% year on year to US$49.74bil, while imports fell 0.9% to US$43.96bil. Trade surplus widened to US$5.78bil in December from the previous month’s US$5.51bil.

The trade ministry attributed the 2014 increase in exports partly to South Korea’s free-trade agreements, including with the US.

Last year, exports to the US increased 13.4%, while those to China fell 0.9%, it said.

The ministry predicted South Korea’s overall exports are expected to rise 3.7% to US$594bil this year

Source: AFP