Korea reaps Xmas tech sales bonanza

Exports of electronics from manufacturing powerhouse, South Korea, rose to a record high last month, in the build up to the Xmas shopping season, according to official data. The country is home to giant consumer electronics manufacturers such as Samsung and LG Electronics.

Korean companies sold $11.05bn worth of digital gadgets like mobile phones, LCD screens and mp3 players to buyers in foreign countries in November, according to the Ministry of Commerce, Industry and Energy (MOCIE). That was an increase of 11 per cent on November last year. 

The trade is not all one way, but despite importing $5.29bn worth of such products over the course of the month, the country still recorded its largest ever monthly trade surplus.

Compared to the same month last year, sales of semiconductors chips were up almost 50 per cent and LCD panels were up 27.7 per cent, ministry statisticians estimated.

Exports to the US rose 15.2 per cent, and sales to China leapt 31 per cent year-on-year as consumer spending power there continued to grow rapidly. The Thanksgiving holiday helped boost US sales. However, exports to Europe were down almost 10 per cent compared to last year.

The country also passed a milestone of $300bn total annual exports yesterday, the MOCIE announced. That represents an increase in exports of almost 300,000 per cent in dollar terms over just forty years.

In 1964, South Korea's annual exports reached $100m for the first time. This year, Samsung alone will export around $50bn worth of goods.

Total exports for the year are now expected to hit $326bn, the Korea Times reported. Economic planners believe Korea can exceed $500bn in annual exports by 2011 – driven mainly by continuing growth in high-tech sales.