SEOUL, KOREA - The October export figures rose by a large margin. According to the Korea Customs Service and the Bank of Korea on October 21, the exports for the first 18 days of the month have been US$27.9 billion, up 14 percent from $24.5 billion in the same month last year.

 

This is the first time after January this year to see a two-digit growth in monthly export figure. A Bank of Korea official said, "At this rate, it is projected to reach the $50-billion level by the month's end."

 

In parallel with exports, imports are also on the rise. For the 18 days in October, imports have been $28.1 billion, up 10.9 percent from the same month in 2012. In total, the trade balance was a deficit of $120 million. Nonetheless, there is nothing to be alarmed as exports tend to rise at the end of every month. The BOK official also said, "It is noteworthy that imports are rising side by side with exports. 

 

That may be interpreted as a sign that the economy is on a recovery path." Until the first half, imports were on a declining trend, indicating that exporters didn't need to purchase imported raw materials and intermediate goods to produce more and thus the economy was unable to get out of the recession.