Korea Trade Balance January 2016


Korea: Exports continue to deteriorate in January

February 14, 2016

In January, exports totaled USD 36.6 billion, according to the Korea Customs Services. The reading represented a sizable 18.8% year-on-year decrease, marking the 13th consecutive decline and the steepest drop in more than six years (December: -14.3% yoy).

Meanwhile, imports totaled USD 31.4 billion in January, which was below the 35.5 billion recorded in December. The reading marked a substantial 20.0% annual decline (December: -19.2% yoy) and was the 13th straight double-digit contraction.

The trade balance narrowed in January compared to the same month last year. The trade surplus came in at USD 5.2 billion in January, which was smaller than the USD 5.8 billion surplus registered in the same month of 2015. In addition, the January trade surplus was smaller than the USD 6.9 billion surplus registered in December. In the 12 months up to January, the trade surplus reached USD 89.6 billion (December: USD 90.3 billion surplus).

FocusEconomics Consensus Forecast panelists expect Korean exports to grow 1.8% in 2016 and 2.4% in 2017.

Author: Teresa Kersting, Economist

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Korea Trade Balance Chart

Korea Trade12m January 2016

Note: 12-month sum of trade balance in USD billion and annual average variation of the 12-month sum of exports and imports.
Source: Korea Customs Services (KCS) and FocusEconomics calculations.

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