Korea Trade Balance


Exports continue to boom but trade surplus narrows in February

In February, exports rose a robust 16.9% over the same month the previous year to reach USD 38.6 billion, according to data released by the Korea Customs Services (KCS). The figure came in below the buoyant 45.4% January print, which had marked the strongest expansion since February 2010. The reading confirmed the strength of the external sector, with exports expanding at a double-digit rate for the 16th consecutive month. According to the Ministry of Knowledge Economy (MKE), the February result reflected a strong increase in exports of petroleum products, which surged 61.0% over the previous year. In addition, automobile parts exports jumped 41.1%. Imports increased 16.4% year-on-year in February, down from January's 32.4% annual increase, reaching USD 36.1 billion. As import growth moderated less than export growth, the trade surplus narrowed from USD 2.9 billion in January to USD 2.5 billion in February.

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