Growth in petrochem demand contributes to positive export growth in South Korea

02-Dec-09

Growing demand for semiconductors, displays and petrochemicals have helped South Korean exports posting positive growth for the first time in a year as the country posted a trade surplus for the 10th straight month in November. This data was revealed in a government report by the Ministry of Knowledge and Economy, which adds that South Korea's trade surplus grew from last month's US$3.63 bln to US$4.05 bln. The country's outbound shipments made an upturn for the first time in 2009, rising 18.8% year-on-year to US$34.27 bln, with imports also advancing 4.7% to US$30.22 bln, as outbound shipments of semiconductors, displays, and petrochemicals soared 80.7%, 66.8% and 47.8% respectively. Imports were also boosted in November, thanks to an increase in demand for capital goods and consumer products.