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S.Korea posts surplus in industrial parts, components for 20 quarters

Xinhua, April 13, 2016 Adjust font size:

South Korea posted trade surplus in the industrial parts and components sector for 20 straight quarters thanks to the lowest dependence on Japanese products, a government report showed on Wednesday.

Trade surplus in the sector recorded 23.1 billion U.S. dollars in the first quarter, keeping the surplus trend for 20 quarters in a row, according to the Ministry of Trade, Industry and Energy.

Exports in industrial parts and components amounted to 59.4 billion dollars during the January-March period, down 10.9 percent from a year earlier. Imports shrank 10.7 percent to 36.3 billion dollars.

The parts exports accounted for more than half of the country's total exports in the first quarter, bolstering up the export-driven economy.

The ministry said that both exports and imports in the sector declined amid global economic slowdown, but it noted that the surplus trend continued due to the least dependence on Japanese products.

Dependence on products imported from Japan accounted for 17 percent of the total in the first quarter, marking the lower ratio than any first-quarter figures.

The dependence on Japan continued to decline from 23.8 percent in the first quarter of 2011 to 23.3 percent a year later. It slid further to 21.5 percent in the first quarter of 2013 and 17.2 percent two years later. Endit