S. Korea's August exports up 7.7 percent

Sept. 1, 2013 at 11:20 PM

SEOUL, Sept. 1 (UPI) -- South Korea's August exports rose 7.7 percent year-on-year to $46.36 billion, yielding a monthly trade surplus of $4.91 billion, the government announced.

The Ministry of Trade, Industry and Energy said the surplus jumped as August imports rose only 0.8 percent year-on-year to $41.45 billion.

The surplus in July was $2.71 billion and $1.93 billion in August of last year.

"The country posted a trade surplus for the 19th consecutive month in August as its exports further increased, showing signs of a gradual recovery," the ministry said in a release.

The jump in August exports was credited to increased shipments to the United States, up 17.9 percent year-on-year, Yonhap News reported. Shipments to ASEAN countries and China also surged more than 10 percent.

South Korea, Asia's fourth-largest economy after China, Japan and India, is heavily dependent on exports.

Follow us on Facebook, Twitter, and Instagram for more news from UPI.com
Related UPI Stories
share with facebook
share with twitter
Trending Stories