Amount of exports of South Korea in first quarter of 2017 increased by 14.9% compared to first quarter of 2016 and recorded biggest increase ratio since third quarter of 2011. Continuous increase for two quarters in a row also took place since it happened in fourth quarter of 2014.
According to Ministry of Trade, Industry and Energy, amount of exports of South Korea in first quarter of 2017 was $132.4 billion and it increased by 14.9% compared to first quarter of 2016. Amount of exports of ten major items out of thirteen major items increased while six items even recorded two-digit increase ratio. Semiconductor industries achieved their biggest quarterly performance by exporting $20.2 billion worth of products. Petrochemistry and petroleum product industries exported $11.4 billion and $8.8 billion worth of products respectively and achieved their biggest performance since fourth quarter of 2014. Normal machinery and steel industries exported $11.8 billion and $7.9 billion worth of products respectively and achieved their biggest performance since second quarter of 2015.
OLED and cosmetics, which are considered as promising items for the future, achieved their biggest quarterly amount of exports by exporting $1.93 billion and $1.16 billion of products respectively.
For new industries, aerospace (64.2%), next-generation displays (35.2%), electric vehicle and storage battery for Energy Storage System (22.2%), high-tech new materials (18.5%), and next-generation semiconductors (16.7%) recorded two-digit increase ratio compared to first quarter of 2016.
Amount of products that were exported to all countries except for the U.S. increased. Especially amount of exports for India during first quarter of 2017 was the biggest quarterly amount of exports ever at $3.6 billion. Amount of exports for all Asian countries during first quarter of 2017 was $21.8 billion which is the biggest ever since second quarter of 2014. South Korea continues to thrive in Vietnam, where FTA (Free Trade Agreement) has taken effect, by having its amount of exports for Vietnam increase for eleven quarters in a row.
South Korean Government believes that recovery of exports is being solidified as exports of first quarter recorded biggest increase ratio since third quarter of 2011. It is also predicting that exports in April will continue basis for recovery as results of innovation of structures for exports such as items, markets, main agents, and methods for export are becoming visualized.
Staff Reporter Byun, Sanggeun | firstname.lastname@example.org
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