SEJONG (Yonhap) – South Korea's trade surplus expanded from a year earlier in October as exports grew while imports shrank, the government said Saturday.
The country's overall exports came to about $51.76 billion last month, up 2.5 percent from the same month last year, according to the Ministry of Trade, Industry and Energy.
Imports dropped 3 percent on-year to $44.26 billion. The country posted a trade surplus of $7.5 billion, compared with a surplus of $4.88 billion in October 2013.
October marked the 33rd straight month the country has posted a trade surplus. It also marked the third time in the country's history when the country's monthly exports exceeded $50 billion, the ministry said in a press release.
"Most key export items, including ships, computers, semiconductors and steel products, saw their shipments grow amid a significant rise in shipments to the United States and China," it said.
Shipments to the United States spiked 25 percent on-year with those to China, the world's single largest importer of South Korean products, gained 3.7 percent.
Shipments to Japan, on the other hand, slipped 1.4 percent with exports to EU countries dropping 8.6 percent.
By products, exports of ships jumped 35.1 percent on-year with shipments of computers, including solid-state drives, surging 15.3 percent.
Overall imports dropped despite a 7.6 percent on-year gain in inbound shipments of consumer goods as imports of both raw materials, including energy, and capital goods shrank 3.4 percent and 9 percent, respectively.
The ministry said the country's annual exports were expected to reach a record high in 2014 with the overall trade volume expected to top $1 trillion before the end of this month. The country's trade volume has topped $1 trillion for three consecutive years since it breached the mark for the first time in 2011.
