According to the data released by the Export and Import Division of South Korea's Ministry of Knowledge Economy, the country's trade surplus was USD 33.3 billion in 2011. The country's total export value in 2011 rose by 19.6% YoY, reaching USD 557.8 billion, while its steel exports were valued at USD 39 billion, increasing by 35.2% YoY.

The ministry stated that, even amid external uncertainties including political unrest in the Middle East and the devastating earthquake in Japan, exports of ships and petrochemicals drove growth beyond 2010 levels. Although fears of a global recession slowed the pace of growth in the second half, South Korean trade was resilient and reached the USD 1 trillion level.

In 2011, exports to emerging markets and Japan increased, while exports to the European Union, the United States and China were relatively slow.

South Korea's export value of ships in 2011 rose by 15.1% YoY to USD 56.5 billion, while its automobile exports reached a value of USD 45.3 billion, climbing by 27.9% YoY. Furthermore in 2011, South Korea's general machinery exports came to USD 46.2 billion, with an increase of 28% YoY.

Meanwhile, in 2011, South Korea's imports rose by 23.3% YoY in value to reach USD 524.5 billion, due to rising demand for raw materials. Higher oil prices pushed inbound shipments of coal up by 42.2% YoY.

(Sourced from SteelOrbis)
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