In November, exports rose 21.5% over the same month last year to reach USD 41.3 billion, according to data released by Korea Customs Services (KCS). The figure came in below the 27.6% expansion recorded in October but, nonetheless, marked the 13th consecutive double-digit increase in exports, confirming the strength of the external sector. According to the Ministry of Knowledge Economy (MKE), the November rise was driven by strong increases in general machinery exports, which surged 59.7% over the previous year, and by a 46.1% rise in exports of automobile parts. In addition, semiconductor exports were strong, increasing 36.3%. Meanwhile, according to KCS figures, imports increased 30.8% year-on-year in November (October: +21.3% yoy), reaching USD 38.6 billion. As a result, the trade surplus shrank from USD 6.5 billion in October to USD 2.7 billion in November.
Korea Trade Balance
Trade surplus shrinks in November
December 1, 2010
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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.