South Korea exports remain strong in January

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South Korea’s exports got off to a good start in January as signs of economic recovery in the EU and Southeast Asia offset the risks from a weak yen, the trade ministry said Saturday.

Exports for the month averaged $2.07 billion a day, up 8.9 per cent from a year earlier.

For the whole of January, however, exports came to $45.584 billion, down 0.2 per cent from 2013 as there were two less working days in the month compared with the previous year due to the Lunar New Year holiday that began Thursday.

“On the back of an economic recovery trend, exports to the EU went up sharply while shipments to ASEAN and China were also on the increase, led by IT products”, the ministry said in a press statement.

Exports to the EU surged 24.7 per cent on-year in January, to the Southeast Asian ASEAN bloc 9.9 per cent and China 0.8 per cent.

Imports in January came to $44.849 billion, down 0.9 per cent on-year, mainly due to smaller crude oil imports, leaving a $735 million trade surplus, up from $400 million a year earlier.

“Since the second half of last year, an upward trend in exports has been continuing”, it said.

“Exports for the whole 2014 are likely to turn out to be strong thanks to the trend for an economic recovery in the Unites States and Europe”.

“The emerging market crisis stemming from a stimulus tapering in the United States is a downside risk for (South Korean) exports but its impact would remain limited as it accounts for only a small portion of the country’s exports”, it added.

 

 

 

 

Source : Channel News Asia | February 1, 2014

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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
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