In August, exports expanded 25.9% over the same month the previous year to USD 45.9 billion, according to data released by the Korea Customs Services (KCS). The reading came in above the 21.7% July print and marked the 22nd consecutive month that exports expanded at a double-digit rate, in addition to representing the largest expansion in the last five months. According to the Ministry of Knowledge Economy (MKE), the August result reflected a strong increase in exports of petroleum products, which rose 84.5% over the same month last year, and ships, which expanded 77.5%. Imports increased 28.9% year-on-year in August, up from July's 25.0% annual increase, reaching USD 45.5 billion. As imports grew more than exports, the trade surplus narrowed from USD 4.9 billion in July to USD 0.5 billion in August.
Korea Trade Balance
Trade surplus narrows in August
September 15, 2011
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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.