SEOUL, Feb. 1 (Xinhua) -- South Korea's exports posted a double-digit increase in the first month of this year thanks to strong demand for locally-made semiconductors and general machinery, a government report showed Thursday.
Exports, which account for about half of the economy, reached 49.21 billion U.S. dollars in January, up 22.2 percent from a year earlier, according to the Ministry of Trade, Industry and Energy.
It was bigger than any January figure for the export-driven economy, marking the first double-digit expansion since September last year. The overseas shipments continued to rise for 15 months in a row.
Imports gained 20.9 percent to 45.49 billion dollars in January, sending the trade surplus to 3.72 billion dollars. The trade balance stayed in the black for 72 months through January.
The ministry said the country's exports grew at a fast speed on global economic recovery and higher prices of the main export items.
Semiconductor exports jumped 53.4 percent over the year to 9.69 billion dollars in January, while general machinery shipments expanded 27.8 percent to 4.45 billion dollars.
Petrochemical exports gained 18.4 percent to 4.2 billion dollars, with those for computers jumping 38.6 percent to 890 million dollars.
Shipment for the organic light-emitting diode (OLED) panels increased 17.2 percent, keeping an upward momentum for the 19th consecutive month. Exports for cosmetics and medical supplies logged a double-digit expansion.
Exports for auto parts, display panels and home appliances declined last month. Shipments of telecommunication devices, including smartphone, dipped 9.7 percent as local manufacturers increased production in overseas factories.
By region, exports to China, South Korea's biggest trading partner, surged 24.5 percent over the year to 13.39 billion dollars in January. It marked the sixth straight month of expansion on robust demand for chips, general machinery and computers.
Exports to the Association of Southeast Asian Nations (ASEAN) and India amounted to 8.32 billion dollars and 1.22 billion dollars respectively in January, logging the biggest January figures in South Korea's modern history.
Shipment to the United States rose 4.8 percent in January from a year ago, after falling 7.7 percent in December. Demand for cars, auto parts and home appliances declined, offsetting an increase in exports for oil products and machinery.
Exports to Vietnam, which recently became South Korea's third-biggest export destination, soared 53.1 percent last month, continuing to grow for 24 months in a row.
The trade ministry forecast that positive export conditions for the South Korean economy would continue for the time being on the global economic recovery and higher prices of key export items.
The ministry, however, cited the protectionist moves, the tightening monetary policy in major economies and the increased volatility of the domestic currency to the dollar as negative factors facing the South Korean economy.
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