In November, Korea posted a trade surplus of $4.8bn and is fast approaching a historic high, $41.17bn of 2010, with an accumulated surplus of $40.55bn recorded from January to November.

According to survey data of exportation and importation in November, released by the Ministry of Trade, Industry & Energy of Korea, exports increased by 0.2% month-on-month to $47.92bn while imports decreased by 0.6% to $43.11bn. The trade balance is said to keep the surplus for consecutive 22 months since February, 2012.

Exports slightly developed thanks to advances into China, the US and the EU, good fights of IT products, oil products and so on despite decreased days operated.

The data shows increasing rates of export by item; vessels took the highest increase, 30.5%, due to delivery and base effect of high-value added ships, such as drillship and etc., followed by wireless communications products (12.6%), semiconductor (8.2%), oil products (6.1%) and so on. On the other hand, steel (-20.3%), general machine instrument (-14.6%) and liquid crystal device (-13.4%) displayed poor export performance.

In terms of imports, gas showed steady increases together with steel, thanks to rising demands for power generation.

It is anticipated that Korean exports will show gradual increases in line with market recovery trend of advanced countries however, there are unstable factors driven by decreasing exchange rate, the US reducing quantitative easing and so on.  

Meanwhile, export performance of ship recorded $2.536bn in November, a 30.5% month rise from the same month a year ago, however the performance during January-November declined by 10.4% to $33.2bn year-on-year.