Korea exported US$ 50.3 billion, with year-onyear growth of 9.0 percent and imported US$ 45.9 billion, with year-on-year growth of 5.0 percent in April 2014, recording a trade surplus of US$4.5 billion (surplus for 27 consecutive months).
The export growth rate is increasing, prompted by demand recovery in the United States and ASEAN countries, and monthly exports exceeded US$50 billion for the second time in history from October 2013.
Exports of most export items grew, and exports to the United States and ASEAN countries rapidly increased. Exports of semiconductors (price hike for DRAM and growing exports of system memory),
mobile devices (launch of Galaxy S5 and increasing demand for entry-level smartphones), ships (deliveries of value-added ships including three units of drill ships) and automotive (growing exports of new vehicles including Genesis and Soul) rapidly increased, and the items which showed poor export performance in 2013, including steel and oil products, recorded a robust turnaround.
Exports to ASEAN countries (growing exports of capital goods) and exports to the United States (rapidly growing exports of durable goods including mobile devices, automotive and home appliances) showed a double-digit growth rate. Exports to Japan also grew for two months in a row, thanks to the base effect and growing exports of mobile devices and automotive parts.
Meanwhile, from among the top five raw materials, imports of crude oil (oil price hike) and steel (growing domestic demand for steel in the automotive sector) grew, while imports of oil products and coal declined.
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