S.Korea's exports to Vietnam, New Zealand gain ground on FTAs

South Korea's exports to Vietnam and New Zealand rose over the past year to a large extent on the back of the implementation of bilateral free trade pacts amid sluggish global demand, South Korea's Yonhap news agency reported quoting latest customs data on Monday.

Outbound shipments of South Korean-made goods to Vietnam jumped 15.2 per cent on-year to US$29.4 billion between January and November, with the free trade agreement (FTA) with Vietnam taking effect on Dec 20, 2015, according to the data by the Korea Customs Service.

Exports of semiconductors soared 59.4 percent and those of flat displays surged 91.1 per cent over the cited period, while exports of cosmetics vaulted 55.2 per cent on-year.

South Korea imported $11.5 billion worth of Vietnamese goods over the 11-month period, up 26.9 per cent from a year earlier, on a 113.2 per cent jump in mobile devices and a 16.7 per cent gain in shoes.

Meanwhile, South Korea's exports to New Zealand also gained 6.4 per cent on the same period, as the Seoul-Wellington FTA came into effect on the same day.

Exports of vehicles rose 24.3 per cent on-year and those of petrochemical products added 6.6 per cent, while imports of wood and dairy goods rose 6.7 per cent and 2.8 per cent, respectively.

Over the 11-month period, the country saw its exports fall 7 per cent due mainly to a slowdown in world trade and demand from emerging countries. -- Bernama