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

Thomas D’Innocenzi is a highly accomplished, results-focused international consultant with extensive experience in global sourcing and business development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global marketing and sourcing operations. He has extensive experience in international business development to accommodate rapid growth. Skilled in building top-performing teams, bench-marking performance, and developing organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. Tom founded Nova Advisors with the mission of providing expert Global Business Development consulting services for companies seeking to expand their market share as an independent consultant. Tom has a network of experts and advisors throughout the Asia-Pacific region and North America. His expertise includes business development, global sourcing, manufacturing, commodities, logistics, QA/QC, FDA, regulatory compliance, sustainability, and supply chain optimization. Tom is experienced in the medical device, apparel, consumer goods and technology services verticals helping companies advance their global sourcing capabilities and develop new markets through a local and sustained approach. Located in SE Asia and the United States, Tom expands market reach to drive sales. His global sourcing strategy includes directly negotiating with commodity suppliers, supply chain networks and distributors for optimal terms based on his expertise and first-hand knowledge of the players. Contact Tom to use his consulting service to increase your global market and make global sourcing profitable for you in the Asia Pacific Region and the United States. http://www.NovaAdvisors.com thomas@NovaAdvisors.com USA Direct: +1.904.479.3600 SINGAPORE: +65.6818.6396 THAILAND: +662.207.9269
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