SEOUL, Nov. 1 (Xinhua) -- South Korea's exports managed to keep its rising momentum for 12 straight months to October though the traditional Chuseok holiday reduced business days, a government report showed Wednesday.
Exports, which account for about half of the economy, grew 7.1 percent from a year earlier to 44.98 billion U.S. dollars in October, according to the Ministry of Trade, Industry and Energy.
The economy ended a double-digit exports expansion for the past nine years through September, but the overseas shipments continued to rise for the 12th consecutive month.
The Chuseok holiday, the South Korean version of Thanksgiving Day, shrank last month's working days by 4.5 days compared with a year earlier, but the exports maintained a growth trend thanks to higher export prices.
Exports volume declined 9.1 percent in the cited period, but export price advanced 17.8 percent.
The daily exports averaged 2.5 billion dollars in October, up 33.9 percent from a year earlier. It kept increasing for the 11th straight month.
Imports gained 7.4 percent over the year to 37.65 billion dollars in October, sending the trade surplus to 7.33 billion dollars. The trade balance stayed in the black for 69 months in a row.
Global demand was strong for major export items such as locally-made semiconductors and ships.
Semiconductor exports surged 69.6 percent in October from a year earlier, maintaining an upward momentum for 13 straight months amid stable memory chip prices and solid demand for chips used in new smartphones.
Display panel shipments rose for 12 months in a row thanks to demand for OLED panels used for mobile phones that offset weaker demand for LCD panels. Computer shipments continued to grow for the seventh straight month.
Steel exports kept rising for seven months on demand for high value-added products and higher global steel prices.
Petrochemical shipments climbed for 13 months amid higher crude oil prices, and oil product exports increased for 12 months in a row.
Ship exports surged 36 percent on orders won by local shipbuilders to build high value-added ships.
However, outbound shipments of general machinery shed on less working days, while those for cars and auto parts declined on soft demand from North American countries.
Exports of telecommunication devices, such as smartphones, kept a double-digit reduction on increased production in overseas factories and fiercer competition.
Shipments of home appliances and textile products also lost ground on reduced working days.
By region, exports to China, South Korea's biggest trading partner, rose by a double digit for three straight months due mainly to demand for semiconductors.
Shipments to the Association of Southeast Asian Nations kept growing for 13 months on demand for chips and display panels, purchased by local companies operating factories there.
Those to Vietnam jumped 33.8 percent on demand for display panels, chips and oil products, with shipments to the European Union (EU) gaining on demand for cars and petrochemicals.
