South Korea's export volume rises 5.8 % in May despite falling value

South Korea's export volume increased 5.8 percent in May from a year earlier despite falling export value caused by cheaper oil, central bank data showed on Friday.

Export volume index stood at 136.48 in May, up 5.8 percent from a year earlier and up 1.0 percent from the previous month, according to the Bank of Korea (BOK).

The May export volume rebounded after declining 3.3 percent in April, showing signs of recovery in exports, which accounted for about half of the export-driven economy.

In terms of volume, chemical exports surged 23.6 percent, with those of farm goods, metal products and electrical and electronic devices growing 21.4 percent, 16.6 percent and 5.2 percent respectively.

The export value index, however, slumped 5.4 percent from a year earlier to 108.27 in May due to low oil prices.

In terms of value, exports of coal and oil products plunged 25.8 percent, while those of transport equipments and general machinery shrank 5.9 percent and 4.3 percent each.

The import volume index rose 2.2 percent in May from a year earlier, but the import value index tumbled 9.6 percent on the back of low commodity prices.

source : xinhua