In March, exports contracted 1.4% over the same month last year to USD 47.4 billion, according to data released by the Korea Customs Service (KCS), on the back of weaker global demand. The reading contrasted the robust 20.6% expansion recorded in February and defied market expectations of a mild 0.7% increase. According to the Ministry of Knowledge Economy (MKE), exports of ships and wireless communication devices contracted sharply over the previous year, offsetting strong exports of automobiles. Imports also fell 1.4% year-on-year in March, which contrasted the 23.3% increase in February, and reached USD 44.9 billion. The trade surplus rose from USD 1.5 billion in February to USD 2.4 billion in March. The Central Bank expects exports to expand 5.6% this year, before accelerating to a 10.0% increase in 2013.
Korea Trade Balance
Exports fall in March
April 18, 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.