The South Korean government reported a record high surplus in parts and material sector, which showed a stable performance despite of a global economic downturn, the Ministry of Knowledge Economy said Wednesday.
According to the ministry, the country's trade balance last year posted 51.3 billion U.S. dollars as imports remained sluggish at 119.7 billion U.S.
dollars, 19.5 percent down from the previous year.
Exports, on the other hand, fell 6.8 percent to 171 billion U.S. dollars, although less in amount and percentage compared to imports, the
ministry added.
The figure marked the greatest trading volume since "Act on special measure for rearing parts and material specialized companies' was enacted in
2001, expanding 19 times the amount tallied in the year, according to the ministry.
"The South Korean economy has been settled with a material and parts-oriented structure as the sector becomes a main engine of the overall
trade surplus," the ministry explained in a statement.
While parts and material trade balance against China last year tallied an all-time high surplus of 33.8 billion U.S. dollars, the figure against
Japan remained in the red with a deficit of 20.1 billion U.S. dollars mainly due to the economy's heavy reliance on Japan in imports of core parts and material remained the same.
"The data calls for market diversification in order to improve in terms of market orientation in China and Japan," the ministry added.