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S.Korea April exports down 19 pct, beat forecasts

Published 04/30/2009, 09:04 PM
Updated 04/30/2009, 09:08 PM

SEOUL, May 1 (Reuters) - South Korean exports in April fell by a slower-than-expected 19.0 percent from a year earlier, data showed on Friday, sliding for the sixth consecutive month as a global downturn slashed demand for the country's goods.

It compares with expectations in a Reuters poll for a fall of 23.2 percent and comes as stock markets around the world have been rallying on hopes that the global economy is turning around on the back of aggressive stimulus measures.

The Ministry of Knowledge Economy data also showed imports in April fell 35.6 percent over a year earlier, better than a 36.3 percent fall forecast in the Reuters poll [ID:nSEO187254].

The ministry said in a statement export value per working day -- a measure that analysts and government officials use to assess the monthly change in exports -- rose to $1.28 billion in April from $1.17 billion in March.

The ministry also said South Korea posted a record $6.02 billion trade surplus in April, following a revised surplus of $4.29 billion set in March.

South Korea's monthly exports and imports (value in billion dollars, percentage change over a year earlier):

April *March Exports value 30.67 28.07 Exports growth -19.0 -22.0 Imports value 24.65 22.53 Imports growth -35.6 -35.9 Trade balance value +6.02 +4.29 * revised NOTE: China and the United States combined take around one-third of South Korea's exports. Electronics and cars made up about 40 percent of all exports last year. (Reporting by Cheon Jong-woo and Yoo Choonsik)

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