Korea:Competition downs textile exports in Oct

Ministry of Commerce, Industry and Energy (MOCIE) released the trade reports for October 2005.

According to data from the Ministry of Commerce, Industry and Energy (MOCIE), Korea's exports rose 13.4 percent year-on-year to USD $25.71 billion in October 2005 while imports were $22.78 billion, an increase of 11.6 percent from a year earlier. In all, the nation posted a trade surplus of $2.93 billion in October.

Exports set a new high of $25.71 billion in October, helped by weaker Korean won and slower increase in oil prices. The average daily sales exceeded the $1.1 billion-level for the first time.

Overseas sales posted double-digit growth in shipbuilding (45.5 percent), general machinery (27.9 percent), petrochemicals (17.2 percent), steel (12.8 percent), and semiconductors (12.1 percent).

Sales of mobile communications devices and electronic appliances also increased by 5.9 percent and 2.9 percent, respectively.

By contrast, shipments of computers continued to decline by 8.6 percent and textiles by 3.9 percent due to fierce competition from developing countries as well as the fact that more Korean manufacturers are churning out products in low-cost global production bases.

By region, overseas sales to the EU grew by 26.7 percent, BRICs (Brazil, Russia, India, and China) by 22.3 percent, and Japan by 14.5 percent. However, shipments to the U.S. fell by 10.8 percent.

Meanwhile, the nation's imports in October increased 11.6 percent year-on-year to $22.78 billion, affected by rising costs of crude oil and other raw materials. The average daily imports were $1.01 billion, exceeding the $1 billion-level for the past two months.

By product, inbound shipments of raw materials were up by 26.5 percent from a year ago. Imports of capital goods and consumer goods also grew by 1.7 percent and 1.7 percent, respectively.

By region, imports from the Middle East increased by 65.1 percent, BRICs by 14.2 percent, and China by 14.0 percent.

In total, the nation recorded a trade surplus of $2.93 billion in October.

Ministry of Commerce, Industry and Energy is the ministry responsible for important policies concerning industry, trade, and energy and resources. Its role and function have changed through the years as the Korean economy has grown in size.

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