Korea's exports surpassed the US$50 billion mark in October for the first time. According to the Ministry of Trade, Industry and Energy, October's exports amounted to US$50.51 billion, rising 7.3% from the previous year. It took 27 months to break the previous record of US$48.95 billion posted in July 2011. "While strong exports in July 2011 was led by steel and petrochemical goods amid expanding economic growth in emerging markets, October's main drivers were the economic recovery in advanced countries and rising exports of information technology (IT) products," said an official from the ministry.