South Korea’s export growth accelerates in August

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South Korea’s exports rose 7.7 percent in August from a year ago, helped by robust shipments of cars and technology products, official data released on Sunday showed.

Exports from Asia’s fourth-largest economy increased to US$46.37 billion, Seoul’s trade ministry said. In July, exports grew 2.6 percent.

Imports gained 0.8 percent on-year to reach US$41.45 billion, resulting in a trade surplus of US$4.9 billion in August compared to a US$2.5 billion surplus in July and US$1.9 billion a year earlier.

Overseas shipments of the country’s key export items, such as cars and mobile devices, surged 43.9 percent and 25.9 percent respectively year-on-year.

Exports of ships and home appliances soared about 26 percent each.

“New smartphones by South Korean firms, including Samsung’s Galaxy S4 and LG’s G2 helped boost exports of mobile devices,” the ministry said in a statement.

Strong sales of mobile devices also helped bolster overseas shipments of memory chips, which posted 22.1 percent on-year growth.

Seoul in June raised its growth outlook for this year from 2.3 percent to 2.7 percent, citing the impact of stimulus measures taken earlier this year and signs of recovery in global demand.

The country’s economy expanded 2 percent in 2012 — the slowest in three years.

Source : Channel News Asia | September 1, 2013

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About thomasdinnocenzi

It's vital to know overseas sourcing to remain viable in a global market. Global sourcing lets corporations take advantage of cheap labor abroad. By applying the strategy of taking advantage of low cost labor in countries like China and India, manufacturing costs can be lowered. I have invested several years in Asia building product and labor solutions for firms in the US and wish to present some of the insight I have accumulated.
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