In May, exports contracted 0.6% over the same month last year to USD 47.1 billion, according to data released by the Korea Customs Service (KCS). The reading represented an improvement over the revised 5.0% drop recorded in April (previously reported: -4.8% year-on-year), and overshot market expectations of a deeper 1.1% drop. According to the Ministry of Knowledge Economy (MKE), exports of ships and wireless communication devices contracted sharply over the same month last year, which offset solid growth in exports of automobiles and machinery. Imports fell 1.1% year-on-year in May to USD 44.8 billion, which followed a 0.3% drop in April. The trade surplus rose from USD 2.1 billion in April to USD 2.3 billion in May. The Central Bank expects exports to expand 5.6% this year, before accelerating to a 10.0% increase in 2013.
Korea Trade Balance
Trade balance remains positive in May
May 15, 2012
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Korea Trade Balance Chart
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.