Korea: Exports accelerate in December
January 15, 2014
According to the Ministry of Trade, Industry and Energy, exports recorded USD 48.1 billion in December. The reading represents 7.0% expansion compared to the same month of the previous year and marked a notable acceleration compared to the 0.2% increase observed in November.
Imports increased 3.0% annually in December (November: -0.6% year-on-year), which pushed the imports value to USD 44.4 billion. The trade balance recorded a USD 3.7 billion surplus in December, which was up from the USD 1.8 billion surplus registered in December 2012. In the full year 2013, exports reached USD 560 billion, representing a 2.1% expansion over the USD 548 billion observed in 2012.
FocusEconomics Consensus Forecast panelists expect exports to expand 3.2% in 2014 and to accelerate to 7.3% in 2015.
Author: Ricardo Aceves, Senior Economist