In February, exports rebounded to a 20.6% expansion over the same month last year to USD 46.4 billion, according to data released by the Korea Customs Service (KCS). The reading contrasted the 7.3% contraction recorded in January and marked the strongest expansion since August 2011. According to the Ministry of Knowledge Economy (MKE), exports of petroleum products, machinery and automobiles registered the strongest gains over the same month last year. However, wireless communication devices contracted sharply over the previous year. Imports increased 3.3% year-on-year in February, which contrasted the 4.5% drop in January, and reached USD 44.9 billion. As result of the strong pick-up in exports, the trade balance swung from a USD 2.2 billion deficit in January to a USD 1.5 billion surplus in February.
Korea Trade Balance
Export growth picks up in February
March 15, 2012
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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.