In October, exports rose 27.6% over the same month last year to reach USD 43.4 billion, according to the latest data released by Korea Customs Services (KCS). The figure was well ahead of the 16.2% expansion recorded in September and marked the 12th consecutive double-digit increase in exports, confirming the strength of the external sector. According to the Ministry of Knowledge Economy (MKE), the October rise was driven by strong increases in exports of general machinery, which surged 52.4% over the previous year, and by a 50.1% rise in exports of automobile parts. Exports of semiconductors added 33.1%. Meanwhile, according to KCS figures, imports increased 21.3% year-on-year in October (September: +17.6% yoy), reaching USD 36.9 billion. As a result of the monthly figures, the trade surplus rose from USD 4.4 billion in September to USD 6.5 billion in October.
Korea Trade Balance
Trade surplus widens further in October
November 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.