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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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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