South Korea's trade surplus surged last year with exports recording an all-time high of nearly 200 billion dollars, the commerce, industry and energy ministry said Thursday.
The surplus increased 50 percent year-on-year to 15.54 billion dollars in 2003, surpassing the government's target of eight billion dollars, it said.
Exports soared 19.6 percent year-on-year to 194.33 billion dollars last year, the biggest-ever in the country, as imports also increased 17.5 percent to 178.78 billion dollars, it said.
The ministry said export items such as wireless telecom equipment, automobiles, petrochemicals and semiconductors led growth in overseas shipments last year.
Growth in imports was largely led by increased costs for purchasing raw materials amid rising oil prices, it said.
South Korea has been in a trade surplus since 1998. In 2002, the surplus was 10.34 billion dollars.
"Exports, which recorded an all-time high, served as a buttress for the country's economic growth despite the sluggish demand at home last year," the ministry said in a statement.
Wireless telecom equipment exports jumped 37.5 percent year-on-year to 18.7 billion dollars last year, petrochemicals shipments gained 28.1 percent to 11.9 billion dollars and automobile exports increased 28.7 percent to 19.0 billion dollars, according to the statement.
The surge in imports was largely led by increased costs for buying raw materials amid rising oil prices last year, it said.
Last year, exports to China were worth 35.7 billion dollars, leading it to replace the United States as South Korea's largest trade partner, it said.
The ministry said it expected South Korea's exports to slow at some 10 percent this year due to global protectionist moves and challenges from fast-growing China.
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