Ssangyong Motor

Korea's exports rose 11.5 percent in October from a year ago despite the loss of a number of production

days due to the Chuseok holiday.  Overseas shipments rose to $28.3 billion, the Ministry of Commerce,

Industry and Energy said in its monthly report yesterday. The Chuseok harvest festival, which follows

the lunar calendar, took place from Oct. 5-6 this year as opposed to September last year. A public holiday

on Oct. 3 also prompted more companies to ship more goods in September. The ministry said exports

growth remains steady.  It attributed the double-digit gain for the ninth straight month to strong demand for

key items such as liquid crystal displays, ships, computer memory chips, petrochemical products, steel

and cars. Shipments were boosted by demand from markets in Central and South America, the Association

of Southeast Asian Nations, the European Union, and Japan, the report showed.  The ministry projects exports

will increase more than 12.5 percent this year, surpassing an earlier forecast of 11.8 percent, or $318 billion.

"If we keep our current momentum, the country's exports this year could grow 12.5 percent year-on-year

to $320 billion," Lee Sung-hun, deputy minister for trade and investment, told reporters. September exports

soared 22.1 percent from a year ago, posting a record gain driven by a pickup in sales of cars, steel and chips.

The government is hoping that exports, which account for about 40 percent of the country's economy, will help

it meet its 5 percent growth target this year after expanding 4 percent last year. Imports rose 13.6 percent last

month from a year ago, putting the trade surplus at $2.5 billion last month, the ministry report said. Shipments

of computers fell 8.1 percent from a year ago, while computer parts declined 28.2 percent and precision

machinery dropped 26 percent.

- Sourch from the Korean Herald(Nov 2, 2006)