In October, exports expanded 8.0% over the same month the previous year to USD 46.8 billion, according to data released by the Korea Customs Services (KCS). The reading came in below the 18.8% September print and marked the first time that exports increase at a single-digit rate after 23 consecutive months of double-digit rate expansions. According to the Ministry of Knowledge Economy (MKE), the October result reflected increases in exports of petroleum products, which rose 29.8% over the same month last year, and general machinery, which expanded 20.7%. On a negative note, however, exports of ships ? one of the country's main export items ? dropped by 6.4% over October last year. Meanwhile, imports increased 15.7% year-on-year in October, down from September's 29.3% annual increase, reaching USD 42.8 billion. Despite the continued slowdown in exports, the trade surplus widened further, from USD 1.6 billion in September to USD 4.0 billion in October.
Korea Trade Balance
Exports expand at single-digit rate for first time in two years
November 15, 2011
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Korea Economic News
October 25, 2016
The Korean economy slowed down in the third quarter of this year, expanding at the weakest pace in over a year.
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.