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South Korea's monthly exports surpass $50 billion

Staff writer |
The Ministry of Trade, Industry and Energy announced that South Korea posted $50.51 billion of total exports last month, with a year-on-year growth rate of 7.3%, to break the previous record of $48.95 billion on July 2011.

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Although the export amount showed negative growth for three consecutive quarters until 2012 Q4 due to the global economic recession, it turned around in Q1 this year with a 0.4% growth, and has expanded itself all the way since then.

The cumulative growth rate for the first 10 months of 2013 has reached 1.9%, and the government is expecting that the percentage will get close to 3% by the end of this year. As such, it is forecast that the export side will account for a big part of the national economic growth rate for Q4.

The recovery of the exports can be attributed to the global competitiveness of the main export items of South Korea, such as smartphones and automobiles. The amount of exports of wireless communication devices increased 33.1% in October alone. It soared 92.6% in the North American market for the first three weeks of this month.

The import amount went up by 5.1% from a year earlier to $45.612 billion in October. The total export and import amount is expected to reach $1 trillion faster than in the previous year, when the mark was surpassed on December 10 when the country recorded a total export and import of $1 trillion for the third year in a row.

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