SEOUL: South Korea's trade surplus more than doubled in October from a year earlier as exports posted positive growth, ending their three-month losing streak, the government said Thursday.
The country's trade surplus is estimated to have reached US$3.8 billion in October, compared with $1.44 billion in the same month last year, according to the Ministry of Knowledge Economy. The figure also marks a slight growth from the trade surplus of $3.15 billion in the previous month.
The country's exports are estimated to have grown 1.2% from the same month last year to $47.2 billion last month with imports gaining 1.5% on-year to $43.4 billion, according to South Korea's News Agency (Yonhap).
The country's exports had dipped for three consecutive months since July on a year-on-year basis.
"Despite a delayed recovery of demands in key markets, the country's exports increased slightly from the same period last year due to growing shipments to Southeast Asian countries and China," the ministry said in a press release.
In October, shipments to the 10 member countries of the Association of Southeast Asian Nations (ASEAN) are estimated to have jumped 21.1% on-year with exports to China also gaining 5.7%.
Exports to the United States and Central American countries, on the other hand, are projected to have dropped 3.5% and 8.2%, respectively, from the same period last year.
The ministry said the country's exports will continue to be weighed down by the global economic slowdown during the remainder of the year.
Shipments of petroleum products, such as gasoline and diesel, are believed to have jumped 27.7% on-year with those of telecommunication devices, including smartphones, surging 18.6%.
Exports of ships, on the other hand, are estimated to have dropped 29.7% from a year earlier, following their 50.6% on-year drop in September.
With an increase in the country's overall exports, the country's imports also grew from a year earlier as the country's exporters used more imported raw materials to produce their goods, the ministry noted.
The country's imports of crude oil are expected to have surged 7.7% from the previous month to nearly $9.1 billion. The amount, if confirmed, will also mark a 2.7% increase from a year before. (QNA)
