18 January
South Korea's export of industrial parts and materials hit a new record high last year due to demand for locally-made semiconductor and fuel cell, a government report showed Thursday.
Outbound shipment of industrial components and materials logged a new high of 316.2 billion U.S. dollars in 2018, up 11.8 percent from the previous year, according to the Ministry of Trade, Industry and Energy.
Import of the industrial parts and materials gained 5.3 percent to 177.2 billion dollars, sending the trade surplus in the sector to 139.1 billion dollars, the biggest ever recorded by the economy.
It almost doubled the trade surplus of all industries worth 70.5 billion dollars in 2018.
Demand was strong for locally-made electronic parts, including memory chips. Electronic parts shipment advanced 19.6 percent to 138.6 billion dollars in 2018.
Chemical export expanded 11.3 percent to 49.4 billion dollars on higher global crude oil price last year, and primary metal shipment increased 10.6 percent to 28.3 billion dollars on higher steel price.
By country, exports of industrial parts and materials to China and the United States, South Korea's top two trading partners, posted a double-digit increase last year.
Shipment to Europe gained 12.9 percent, but those to the Middle East declined 14.6 percent amid the international sanctions on Iran.
Xinhua
