S. Korea's component exports post double-digit growth in Q1

South Korean exports of materials and components posted a double-digit growth for the first time in five and a half years, leading the recent rebound in overall exports, a government report showed on Wednesday.

Exports of parts and materials reached 65.8 billion U.S. dollars in the January-March quarter, up 11 percent from a year earlier, according to the Ministry of Trade, Industry and Energy. It was the first double-digit increase since the third quarter of 2011.

Shipments of chemical products and the primary metal advanced 24.3 percent and 12.8 percent respectively, with those for electronic parts jumping 19.7 percent.

Those for electric machine parts and textile products declined 21 percent and 3.6 percent each.

Exports to Southeast Asian countries and Latin American nations jumped over 20 percent, but those to the United States shed 1.8 percent. Parts and materials exported to China inched up 1.5 percent.

Trade surplus in the components and materials sector was 25.5 billion dollars in the first quarter, up 2.55 billion dollars from a year earlier. Endit