June Exports Rise 10.4 Pct
Bringing first half exports to jump 11 pct to $136.8 bln with the addition of $23.91 bln in June

According to the Ministry of Commerce, Industry and Energy, Korea's exports rose 10.4 percent from a month earlier in June to $23.91 billion. Meanwhile, imports reached $21.19 billion, a 14.3 percent increase from a year earlier. In all, the country recorded a trade surplus of $2.7 billion.
Both exports and imports have continued on an upward trend for the past four months, exceeding the $23-billion and the $20-billion level, respectively.
As a result, exports in the first half of 2005 rose 11 percent from a year earlier to $136.8 billion, while imports increased 14.7 percent to $124 billion; both exports and imports have maintained double-digit growth.
In all, the country posted a trade surplus of $12.8 billion in the first half.
The country's daily average exports in June stood at $1.04 billion, exceeding the $1-billion mark for five straight months. The nation's exports recorded steady growth helped by the enhanced competitiveness of Korean products as well as the stability of the global economy.
Sales were strong in such categories as automobiles (15.6 percent), semiconductor (14.1 percent) general machinery (22.1 percent), petrochemicals (26 percent), steel (20.8 percent), and petroleum products (26 percent), while exports of wireless telecommunication devices (2.5 percent) held steady.
However, shipments of computers (-27.4 percent), consumer appliances (-5.8 percent), textiles (-3.2 percent) continued to slide due to increased competition from developing countries as well as the fact that more Korean companies are churning out products at cheaper global bases and exporting them from there.
By region, exports to BRICs (Brazil, Russia, India and China, 39 percent), China (30.5 percent), Japan (19.6 percent) and ASEAN (10.7 percent) recorded double-digit growth.
In the meantime, the country's daily average imports in June stood at $920 million, exceeding the $900-million level for five consecutive months. Imports of raw materials (28.8 percent) increased substantially, compared with capital goods (7.4 percent) and consumer goods (11.1 percent).

Energy Conservation

As part of the government resolve to better conserve energy, Korea held the 26th Energy Convention recently, with more than 1,600 government and private officials taking part.
"As a country depending wholly on overseas energy sources, we need to establish an efficient energy policies and become more immune to negative factors affecting the country's fuel supply,"said Lee Hee-beom, Minister of Commerce, Industry and Energy.
Lee was referring to events such as the political and military uncertainty that prevails in the Middle East where Korea fills about 80 percent of its oil demand; the increasing disruptions to the global oil supply rapidly deteriorating environmental conditions, which have all contributed to high prices for Korea's oil.
More than 100 companies and executives were recognized at the convention for their efforts to cut energy costs.
Prior to the convention, the Ministry of Foreign Affairs and Trade and the Organization for Economic Cooperation and Development will co-host a seminar on energy crises.
"We see this seminar to be a meaningful occasion to review the current energy security crisis and to explore ways of securing stable sources of energy,"said the ministry.
Korea is the world's 11th largest economy, but in terms of oil imports, it ranks much higher at fourth place. In 2003, it imported a little over 800 million barrels of oil.
According to the figures from the Korea Energy Economics Institute, Korea's demand for oil and other fuels will grow at a faster pace this year as economic growth accelerates.
Total demand for fuels will rise 3.3 percent to the equivalent of 222.1 million metric tons of oil from 215.1 million tons in 2003, the publicly funded research group said in a report. Demand rose 3.1 percent in 2003. nw


Commerce, Industry and Energy Minister Lee Hee-beom.