| # Korea Times(08-01-2004)
# By Seo Jee-yeon
# Staff Reporter
Despite deepening concerns over the protracted economic slowdown, the nation’s trade surplus in July hit a record high of $2.98 billion, according to the Ministry of Commerce, Industry and Energy (MOCIE) on Sunday.
The ministry’s monthly export-import trend report found exports in July reached $21.35 billion, a 38.4 percent increase from the same period last year, while imports rose 23.3 percent to $18.38 billion. Accordingly, the trade surplus last month posted $2.98 billion.
``It is the fifth straight month to see a trade surplus exceeding $2 billion. As the accumulated trade surplus between January and July has already reached $18.26 billion, we expect to achieve a yearly trade surplus goal of $20 billion this year without big problems,’’ the ministry said in a statement. ``Continued record-breaking performance in the trade balance is attributed to strong export growth that has only been slightly affected by negative factors such as a cut in working hours with the introduction of a five-day workweek from July 1st and worsening labor unrest,’’ said MOCIE official Lee Kye-hyung.
The monthly outbound shipments grew by more than 30 percent for eight consecutive months until July.
``Export growth in some areas is likely to be slow, but overall export growth will remain strong, making a $20 billion trade surplus in the third quarter distinctly possible,’’ Lee said.
The year-on-year monthly export growth inched down for the past three months in a row, from 42 percent in May, 38. 5 percent in June and 38.4 percent in July.
When it comes to export performance by key export items last month, the outbound shipments in car and car pars came in top with an 84.9 percent increase.
Export growth in wireless devices followed with a 49.3 percent increase, semiconductors with 41.4 percent and shipbuilding with 35.2 percent.
On the contrary, the export growth of computers drastically fell to 4.2 percent.
Regarding the demand for Korean goods by region, China stays intact as the nation’s largest export market, with 42.2 percent of exports heading to China last month. Exports to Japan took 35.6 percent, the U.S. 29.7 percent and the EU 19.1 percent of the total export volume.
Meanwhile, in import trends, with the price of oil rising 31.1 percent the ministry found oil imports of the energy poor country rose by only 7.8 percent, a figure lower than expected.
Imports of steel, which face a price hike due to a global supply shortage rose 57.4 percent last month.
As machinery imports rose 33.3 percent last month, the ministry expects facilities investment will rise in the third quarter.
jyseo@koreatimes.co.kr
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