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

About thomasdinnocenzi

Senior international business executive with global experience in sourcing and marketing across key industry sectors including medical devices, pharmaceuticals, manufacturing and applied technology. As principal of Nova Advisors, LLC I’ve assembled an exemplary team that brings with them the knowledge and experience gained from starting up a Global Sourcing program with multiple Fortune 500 companies as well as the largest supplier network throughout the Asia-Pacific region. We have experience and expertise in more than a thousand medical and pharmaceutical products in manufacturing and sourcing at the best value. The right product, the right price point and the right branding fueled these successes that resulted in double-digit growth for top line sales and bottom line net margins for our customers. What sets us apart: • Our reach includes a large network of suppliers & manufacturers spanning 13 countries in Asia-Pacific region • We understand the manufacturing process and the business of the supplier and the buyer • Our company culture is based on quality assurance and our process is based on local quality control Our commitment is to be your partner offering the best products and services at the lowest cost. Contact me to discuss how we can make the global marketplace work for you. thomas@novaadvisors.com In addition, I am open to discussing opportunities in global sourcing, international marketing & sales, logistics and medical/pharma in Thailand, Vietnam, Malaysia, Philippines & Japan. Aside from my work I enjoy piano, astronomy, physics, and assisting my daughters with their studies. SPECIALTIES: Global Sourcing, Supply Chain Management, Business Development, Marketing, Logistics, Global Networking, Market Development, Healthcare Solutions, Pharmaceuticals, Medical Devices, Technology, Asia, Southeast Asia, US and Canada
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