In July, exports expanded 27.2% over the same month the previous year to USD 51.4 billion, according to data released by the Korea Customs Services (KCS). The reading came in above the 13.6% June print and marked the 21st consecutive month that exports expanded at a double-digit rate, in addition to representing the largest expansion in the last four months. According to the Ministry of Knowledge Economy (MKE), the July result reflected a strong increase in exports of petroleum products (+89.2% year-on-year) and steel (+72.5% yoy). In addition, the export of ships, which constitute one of Korea's main export goods, rebounded from last month's 36.8% contraction and expanded 42.6%. Imports increased 24.8% yoy in July, down from June's 27.5% annual increase, reaching USD 44.2 billion. As imports moderated, the trade surplus widened from USD 2.8 billion in June to USD 7.2 billion in July, the largest monthly trade surplus on record.
Korea Trade Balance
Trade surplus widens to record-high in July
August 15, 2011
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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.