Korea's trade volume hit a new record in the first quarter this year.

According to the Ministry of Trade, Industry and Energy (MOTIE), the figure combining both exports and imports over the first three months reached a new high of USD 270.8 billion.

The country's exports climbed 2.2 percent year-on-year in the first quarter, setting a new record of USD 138.2 billion. Its imports grew 2.1 percent over the same period, coming in at USD 132.4 billion, the second biggest in the country's history. Korea recorded a trade surplus of USD 5.9 billion.

Explaining the causes of export growth, the ministry said that the European economy is on the mend and that the effects of the Korea-EU free trade agreement are becoming more visible. Korea's exports to the European Union turned upward for the first time in three years and grew 16.3 percent year-on-year compared to the same period a year ago. Exports to the EU of petroleum products, mobile handsets and cars increased 171.9 percent, 33.6 percent and 2.8 percent, respectively, over first quarter figures from last year. Korea's imports from the EU also grew 8.6 percent, with the purchase of petroleum and automobiles rising 27.1 percent and 57 percent, respectively.



Despite worries over the potential weakening of exports to emerging markets due to the tapering of quantitative easing, the U.S. stimulus policy, deliveries to Turkey, Brazil, India and Indonesia grew over the same time period. Korea's exports to Turkey rose 35.2 percent year-on-year, partly due to the Korea-Turkey FTA, while exports to Brazil climbed 12.2 percent, with deliveries of mobile handsets, semiconductors and petroleum products rising 19.2 percent, 13.5 percent and 12.4 percent, respectively, over 2013's figures.

Korea's exports to India expanded 4.3 percent due to rises in IT and petroleum products, while the country's exports to Indonesia increased 3.3 percent due to rises in ship deliveries.

By Limb Jae-un
Korea.net Staff Writer
jun2@korea.kr