In August, exports contracted 6.2% over the same month last year to USD 43.0 billion, following a downward trend initiated at the start of the year and only briefly interrupted in February and June this year, according to data released by the Korea Customs Service (KCS). The reading followed the 8.8% decline recorded in July, and was broadly in line with market expectations. Sluggish global demand, together with intensifying tensions in the Eurozone continue to hurt Korea's external sector. According to the Ministry of Knowledge Economy (MKE), exports contracted across most sectors. Exports of ships and wireless communication devices registered the largest drops over the same month last year. Imports fell a deeper 9.8% year-on-year in August, the sharpest drop recorded since October 2009, to USD 40.9 billion, following a 5.5% drop in July. As a result, the trade surplus narrowed to USD 2.0 billion in August, which was, nonetheless, well above the USD 410 million surplus recorded in the same month last year.
Korea Trade Balance
Exports continue to plunge
September 17, 2012
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Korea Economic News
October 13, 2016
At its 13 October monetary policy meeting, the Bank of Korea (BoK) announced that it will hold the base rate constant at a record low of 1.25%, which was largely in line with market expectations.
October 5, 2016
In September, consumer prices rose 0.6% over the previous month, which contrasted the 0.1% decrease in August and overshot the 0.2% increase the markets had expected.
October 3, 2016
Korea’s Customs Services reported that exports totaled USD 40.9 billion in September, which represented a 5.9% contraction over the USD 43.4 billion recorded in the same month last year.
September 30, 2016
The forward-looking business confidence indicator (BSI) for the manufacturing sector produced by the Bank of Korea (BoK) rose from 74 points in September to 75 points in October.
September 30, 2016
In August, industrial production accelerated and expanded 2.3% year-on-year, which was up from both the 1.6% increase registered in July and the 1.6% rise the markets had expected.