S. Korea on Pace to Pass $1 Tril. in Total Trade

S. Korea’s imports for the month of October jumped 16.4% over last year while exports grew only 9.3%, reported the Ministry of Knowledge Economy Tuesday.

Exports were $47.4 billion while imports were $43.1 billion, producing a trade surplus for the month of $4.29 billion, down from $6.34 billion a year earlier but up from September’s $1.55 billion.

Exports of petroleum products, automobiles, steel and petrochemicals posted double digit growth but shipments of liquid crystal devices, semiconductors, ships and mobile communications equipment shrank, said Han Jin-hyun, head of the Ministry’s trade-investment policy office.

Exports surged 25% to ASEAN nations and 24.4% to the Commonwealth of Independent States in Central Asia. Shipments to the U.S. and the European Union fell 7.0% and 20.4%, respectively, in October, but surged 25.3% to Japan due to its need to make up for production shortfalls caused by the March 11 quake and tsunami.

Surging prices of crude oil, natural gas and coal fueled a jump in imports, led by a 52.7% jump in crude oil imports over last year. That was partially offset by a drop in demand for foreign capital and consumer goods.

For the January through October period total exports grew 21.4% to $462.63 billion. Imports for the period jumped 25.9% to $436.15 billion for a cumulative trade surplus of just over $26.48 billion for the 10-month period. These figures put S. Korea on track to pass $1 trillion in total trade in November for the first time in its history.