According to the data released by the Export and Import Division of South Korea's Ministry of Knowledge Economy, the country's trade balance indicated a USD 28.6 billion surplus in 2012, which was the second consecutive year in which South Korea's external trade volume surpassed USD 1 trillion.
South Korea's total export value in 2012 declined by 1.3% YoY, totaling USD 548.2 billion, while its imports fell 0.9% compared to 2011 to USD 519.5 billion.
South Korea's basic steel export value was USD 37 billion in 2012, down 0.4% compared to 2011, while its export value for automobiles in 2012 rose by 4.1% YoY to USD 47.2 billion. The country's general machinery exports in 2012 amounted to USD 38 billion, rising by 4.8% YoY. On the other hand, South Korea's export value for ships in 2012 fell by 29.8% YoY to USD 39.7 billion.
In 2012, South Korea's exports to emerging markets and the United States showed steady growth thanks to ongoing efforts to open new markets and the conclusion of free trade agreements with major trading partners. Exports to the European Union, however, saw a sharp decline due to concerns over the financial crisis.
Meanwhile, in 2012 South Korea's overall imports fell 0.9% YoY as international raw material prices dropped and as domestic demand weakened. Imports of raw materials, capital goods and consumer goods showed negative growth.
