Korea: Merchandise exports grow at a quicker pace in August
Merchandise exports shot up 34.9% in annual terms in August, on the heels of July’s 29.6% jump. Meanwhile, merchandise imports jumped 44.0% over the same month last year in August (July: +38.1% yoy), marking the strongest increase since May 2010. The expansion in exports was broad-based, with all 15 major items growing at double-digit rates for the first time on record. Particularly, general machinery kept momentum amid increased demand for construction machinery.
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 1.7 billion surplus in August (July 2021: USD 1.8 billion surplus; August 2020: USD 3.7 billion surplus). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 48.1 billion surplus in August, compared to the USD 50.0 billion surplus in July.