South Korea Q2 GDP up 2.3%; chems output shows growth

05 September 2013 03:32  [Source: ICIS news]

SINGAPORE (ICIS)--South Korea’s economy rose by 2.3% year on year in the second quarter as its production of chemicals and overall exports grew, official data showed on Thursday.

Meanwhile, the country’s GDP rose a seasonally adjusted 1.1% in the second quarter from the previous three months, the Bank of Korea (BOK) said in a statement.

“On the production side, the manufacturing sector grew by 2.1 % year on year, owing to growth in sub-sectors such as electrical & electronic devices and chemical products,” the central bank said.

The country’s exports rose by 5.7% year on year in April-June this year, while imports were up by 4.7%, it added.

For the first half of this year, South Korea’s exports of petrochemicals rose by 7.7% year on year to $24.5bn (€18.6bn), while shipments of petroleum products slipped by 2.1% at $26.6bn, according to the Ministry of Trade, Industry and Energy in an earlier statement.

Overall exports rose by 0.6% year on year to $276.7bn in January-June this year, while imports were down by 2.6% at $257.1bn, it said.

“Despite sluggish exports to Japan and the EU due to a weak Japanese yen and the European financial crisis, outbound shipments to emerging economies such as China and the ASEAN [Association of Southeast Asian Nations] region posted strong growth,” the ministry added.

($1 = €0.76)

By: Nurluqman Suratman

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