(MENAFN) A government report showed that South Korea's trade surplus has hit a record in 2014 on record exports driven by strong demand from the US and Europe, Xinhua reported.
The world's third-largest economy's exports, which account for half of the economy, surged 2.4 percent to USD573.11 billion in 2014, surpassing 2013's record of USD559.7 billion.
Imports soared 2 percent to USD525.7 billion. Trade surplus reached a new high of USD47.41 billion in 2014, topping 2013's record of USD44 billion, the Ministry of Trade, Industry and Energy said.
Trade volume also posted a new record high of USD1.098 trillion in 2014, surpassing the USD1 trillion mark for the fourth consecutive year, the ministry's data showed.
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