In June, exports expanded 13.6% over the same month the previous year to reach USD 47.8 billion, according to data released by the Korea Customs Services (KCS). The reading came in below the 22.0% May print (previously reported: +22.4%) and, despite representing the 20th consecutive month that exports expanded at a double-digit rate, marked the slowest expansion since October 2009. According to the Ministry of Knowledge Economy (MKE), the June result reflected a strong increase in petroleum product exports, which surged 57.5% over the previous year and helped to offset a strong contraction (-36.8%) in the export of ships, which constitute one of Korea's main exports. Imports increased 27.5% year-on-year in June, down from May's 30.1% annual increase, reaching USD 44.9 billion. As imports moderated, the trade surplus widened slightly from USD 2.1 billion in May to USD 2.8 billion in June.
Korea Trade Balance
Trade surplus widens in June
July 14, 2011
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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.