In October, exports expanded 1.1% over the same month last year to USD 47.1 billion, according to revised data released by the Korea Customs Service (KCS). The reading marked an improvement over the revised 2.3% decline recorded in September (previously reported: -2.0% year-on-year), and defied market expectations of a 0.7% contraction. According to the Ministry of Knowledge Economy (MKE), exports of wireless communication devices and petroleum products expanded notably in October, offsetting contractions in exports of ships. In the 12 months up to October, exports expanded 0.9% over the same period the previous year (September: +1.4% year-on-year). Meanwhile, imports expanded 1.7% in October, contrasting the 6.1% drop recorded in September. As a result, imports expanded 1.9% in annual terms in the last 12 months (September: +3.1% yoy). The trade balance reached a USD 3.7 billion surplus in October, exceeding market expectations. As a result, the 12-month moving sum of the trade balance reached a USD 27.6 billion surplus in October, slightly below the USD 27.8 billion surplus observed in September.
Korea Trade Balance
Exports improve unexpectedly
November 14, 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.