According to Yonhap News,

(SEJONG=Yonhap News) South Korea's exports of industrial parts and materials reached a record high in the first nine months of the year with the country's trade surplus in the sector expected to top US$100 billion for the first time in its history this year, the government said Wednesday.

In the January-September period, outbound shipments of industrial parts and materials came to $203.3 billion, up 4.1 percent from the same period last year, according to the Ministry of Trade, Industry and Energy.

The amount also accounts for 48 percent of the country's overall exports over the cited period.

"Exports continued to grow at a steady pace as shipments to advanced countries, such as Europe, the United States and Japan, rose while those to China also expand," the ministry said in a press release.

Shipments to the United States jumped 21 percent on-year to $19.8 billion in the nine-month period from January with exports to China, the world's single largest importer of South Korean goods, also spiking 20 percent to $69.3 billion.

The country's trade surplus in the industrial parts sector came to $77.9 billion in the first nine months of the year while the country's overall trade surplus came to $29.1 billion over the same period, meaning the industrial parts sector helped more than offset losses by other sectors.

The country's imports of industrial parts and materials gained 2.2 percent on-year to $125.4 billion in the first nine months of the year.

South Korea continued to narrow its trade deficit with Japan as its exports to the Asian country rose 4 percent on-year to $10.7 billion while its imports from Japan plunged 31 percent to $22.6 billion.

The ministry said the portion of Japanese products in the country's overall imports also dropped to a record low of 18 percent. The portion has been dropping steadily over the past years from 25.2 percent in 2010 to 23 percent in 2012 and again to 20.8 percent last year.

"Despite slow economic recoveries in most advanced markets, both the country's imports and exports of industrial parts and materials are expected to grow steadily in the fourth quarter with the country's trade surplus expected to reach over $100 billion for the first time," it said.

bdk@yna.co.kr

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