Booming Ship Orders Drive South Korea's Trade Surplus To An All-Time High

AP cars aboard ship

South Korea just notched a monthly trade surplus of nearly $7.5 billion in June, which was the best ever figure since Korea began tracking data in 1950.

Exports are rising to all major markets, including both Western developed nations as well as China.

A surge in shipbuilding orders nitro-boosted the latest export statistic:

Yonhap:

Exports surged 32.4 per cent on-year to an all-time monthly high of $42.63 billion, with imports gaining 36.9 per cent to $35.18 billion, the monthly report said, adding that the trade surplus marks the fifth month in a row that the trade balance has stayed in the black.

“The sharp rise in outbound shipments was mainly fuelled by ship exports that rose by more than $2 billion from May along with strong demand for semiconductors and automobiles as the global economy makes a comeback from last year,” said Kim Kyung-sik, assistant minister for trade and investment.

The official said exports of ships gained 31.8 per cent on-year to $6.34 billion with semiconductors and automobiles gaining 65.9 per cent and 62.0 per cent each last month. Semiconductor exports reached $4.17 billion with $3.34 billion worth of cars sold abroad in the cited month.

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