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.

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