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Korea's Imports and Export Swell in May
Jun 6, 2006
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Korea's Ministry of Commerce, Industry and Energy (MOCIE) said Korea's exports increased 21.1 percent year-on-year to U.S. $28.01 billion in May 2006. Imports in May $26.05 billion, an increase of 23.1 percent from the previous year. The report from the Export and Import Division of the Ministry said Korea posted a total trade surplus of $1.95 billion in May.

A report yesterday from the Digital Electronics Industry Division of Korea's Ministry of Commerce, Industry and Energy reported that Korea’s exports of electronic devices increased 10.1 percent year-on-year to U.S. $8.9 billion in May. The double-digit growth was attributed to strong demand for electronic parts like flat display panels. Imports reached $5.1 billion, an increase of 13.6 percent from a year earlier. In total, Korea's digital products posted a trade surplus of $3.8 billion in May.

Korea, Asia's third-largest economy, achieved double-digit growth for the fourth straight month since January, MOCIE said, and the government hopes to achieve a 5-percent GDP growth rate in 2006 backed by strong exports and private spending.

Commerce Minister Chung Sye-kyun recently said the government is holding onto its original exports growth forecast of about 12 percent this year. Exports account for about 40 percent of the national economy.

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