In July, exports contracted a sharp 8.8% over the same month last year to USD 44.6 billion, the sharpest drop since September 2009, according to data released by the Korea Customs Service (KCS). The reading contrasted the revised 1.0% increase recorded in June (previously reported: +1.1% year-on-year), and exceeded market expectations of a softer 3.9% drop. Sluggish global demand together with intensifying tensions in the Eurozone continue to take a toll on Korea's external sector. According to the Ministry of Knowledge Economy (MKE), exports contracted across most sectors. Exports of ships and wireless communication devices registered the largest drops over the same month last year. Imports fell 5.5% year-on-year in July to USD 41.9 billion, the lowest level since February 2011, following a 5.7% drop in June. As a result, the trade surplus narrowed to USD 2.8 billion in July, which was well below the USD 4.7 billion surplus recorded in the same month last year.
Korea Trade Balance
Exports mark sharpest drop in almost three years
August 16, 2012
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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.