South Korea's Exports Reach Record High in 2004
Jan 3, 2005
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South Korea exported a record U.S. $254.22 billion worth of goods and services last year, up 31.2 percent on an annual basis, the Ministry of Commerce, Industry and Energy said.
The provisional tally also showed imports rising 25.5 percent to U.S. $224.47 billion on a customs clearance basis, resulting in a surplus of $29.75 billion. This is close to a two-fold increase vis-a-vis the previous year when the numbers reached $14.99 billion.
The latest figures also mean South Korean companies exported an average of $910 million worth of goods every day last year.
On December's trade figures, the government report showed South Korea exporting $23.58 billion worth of goods, an annual rise of 19.5 percent. Imports rose 19.2 percent in the 1-month period to $21.02 billion. The trade surplus for the last month of the year stood at $2.56 billion.
Exports were the leading engine of growth for South Korea last year as domestic consumption and business investments were unable to contribute effectively to overall growth.
Seoul had said 5-percent growth was possible for the year, but later lowered its estimate to the upper 4-percent range. (Yonhap)
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