In May, exports rose a robust 22.4% over the same month the previous year to reach USD 47.6 billion, according to data released by the Korea Customs Services (KCS). The reading came in below the even stronger 23.7% April print (previously reported: +25.1%) and confirmed the strength of the external sector, with exports expanding at a double-digit rate for the 19th consecutive month. According to the Ministry of Knowledge Economy (MKE), the May result reflected a strong increase in export of petroleum products, which surged 87.0% over the previous year. In addition, exports of wireless communications devices grew 33.9%. Imports increased 30.3% year-on-year in May, picking up from April's 24.0% annual increase, reaching USD 45.4 billion. As imports accelerated, the trade surplus narrowed from USD 4.5 billion in April ? which had marked the largest surplus since October 2010 ? to USD 2.2 billion in May.
Korea Trade Balance
Trade surplus narrows in May
June 21, 2011
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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.