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.
Back to Breaking News