Korea Trade June 2016


Exports contract at the slowest pace in a year in June

In June, exports totaled USD 45.3 billion, according to the Korea Customs Services. The reading represented a 2.7% year-on-year decrease—marking it the 18th consecutive monthly contraction—and was the slowest decline since June 2015. June’s contraction followed May’s 6.0% drop and fared better than the 8.2% decrease the markets had expected.

Meanwhile, imports totaled USD 33.7 billion in June, which represented an 8.0% contraction over the USD 36.6 billion registered in the same month last year. Imports have been contracting uninterruptedly since October 2014.

Korea’s trade surplus totaled USD 11.6 billion in June, which came in well above the USD 7.0 billion registered in the previous month. The notable surplus in June prompted the 12-month trailing rolling trade surplus to widen to USD 93.5 billion, which is the highest surplus in the country’s history.

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

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Korea Trade Chart

Korea Trade12m June 2016 1

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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