Korea Trade February 2016


Korea: Exports continue to contract, but at softer pace

March 14, 2016

In February, exports totaled USD 36.4 billion, according to the Korea Customs Services. The reading represented a 12.2% year-on-year decrease, marking the 14th consecutive decline. Nevertheless, February’s reading marked a softer drop than January’s 18.9% contraction.

Meanwhile, imports totaled USD 29.0 billion in February. The reading marked a 14.6% annual decline (December: -20.1% yoy) and was the 14th straight double-digit contraction.

The trade surplus narrowed slightly in February compared to the same month last year. The trade surplus came in at USD 7.4 billion in February, which was less than the USD 7.5 billion surplus registered in the same month of 2014. However, the February trade surplus was larger than the USD 5.2 billion surplus registered in January. In the 12 months up to February, the trade surplus stood at USD 89.5 billion (January: USD 89.6 billion surplus).

FocusEconomics Consensus Forecast panelists expect exports to grow 0.7% in 2016 and to expand 2.4% in 2017.

Author: Teresa Kersting, Economist

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Korea Trade Chart

Korea Trade12m February 2016

Note: 12-month sum of trade balance in USD billion and annual average variation of the 12-month sum of exports and imports.
Source: Korea Customs Services (KCS) and FocusEconomics calculations.

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