South Korea’s exports for November rise

skr

South Korea’s exports for November rose to $47.92 billion on the back of robust sales of mobile devices and ships.

Exports, which account for about a half of the South Korean economy, increased 0.2 percent on-year while imports fell 0.6 percent to $43.11 billion, resulting in a trade surplus of $4.8 billion for last month, the trade ministry said.

It was the 22nd consecutive month that South Korea — Asia’s fourth-largest economy — had posted a trade surplus. It last recorded a deficit in January 2012.

The accumulated trade surplus from January to November amounts to $40.55 billion and is on course to hit an annual record in 2013, the ministry added in a statement.

The previous annual record was set in 2010 when the trade surplus reached $41.17 billion.

“Exports to China expanded, thanks to robust sales of tech products including mobile devices, while exports to the US and the EU rose as economic recovery fanned demand for consumer goods,” the ministry said.

Exports to China — the South’s largest trade partner — rose 3.7 percent from a year ago while exports to the EU climbed 6.8 percent.

Overseas shipments of mobile devices made by companies like Samsung and LG surged 12.6 percent on-year, while exports of ships made by builders including Hyundai soared 30.5 percent.

“The shipbuilders’ exports surged after they won orders for lucrative deals involving drill ships,” the statement said.

Memory chip shipments rose 8.2 percent as growing global production of low-end and mid-range smartphones fanned demand, the ministry added.

South Korea’s economy expanded 1.1 percent in the second and third quarters of this year — the fastest pace since the first quarter of 2011.

The government has predicted the country’s economy will grow by 2.7 percent this year and further accelerate by 3.9 percent in 2014.

 

 

 

Source : Channel News Asia | December 2, 2013

Advertisements

About thomasdinnocenzi

Thomas D'Innocenzi is a highly accomplished, results-focused senior international executive with extensive experience in global sourcing and market development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global sourcing operations worldwide. Extensive experience in international market development operations to accommodate rapid growth. Skilled in building top-performing teams, benchmarking performance, and restricting organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. 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
This entry was posted in Business, Economy, Global Sourcing and tagged , , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s