In September, exports contracted 2.0% over the same month last year to USD 45.6 billion, according to revised data released by the Korea Customs Service (KCS). The reading marked, nonetheless, an improvement over the revised 6.0% decline recorded in August (previously reported: -6.2% year-on-year), and came above market expectations of a 5.5% contraction. Sluggish global demand, together with intensifying tensions in the Eurozone, continues to dampen Korea's external sector. According to the Ministry of Knowledge Economy (MKE), exports contracted across most sectors. Exports of ships and computers registered the largest drops over the same month last year, offsetting expansions in wireless communication devices and petroleum products. Imports fell 6.1% year-on-year in September to USD 42.5 billion, following the sharp 9.8% drop in August. As a result, the trade surplus widened to USD 3.0 billion in September, well above the USD 1.2 billion surplus recorded in the same month last year.
Korea Trade Balance
Exports remain depressed
October 15, 2012
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Korea Trade Balance Chart
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.