Korea Trade Balance July 2020


Korea: Exports fall at slower pace in July

August 3, 2020

Merchandise exports fell 7.0% year-on-year in July, less steep than the 10.9% year-on-year fall in June, to total USD 42.8 billion (June: USD 39.2 billion). The softer decline in July was partly due to strong exports of electronics such as computers and servers. Merchandise imports declined 11.9% in July, after falling 11.2% in June, totaling USD 38.6 billion (June: USD 35.6 billion).

The merchandise trade surplus widened to USD 4.3 billion in July, up from USD 2.3 billion in July 2019. The 12-month moving trade surplus rose to USD 33.7 billion in July from USD 31.7 billion in June.

Our panelists see merchandise exports falling 7.7% and imports decreasing 10.4% in 2020, bringing the trade surplus to USD 49.8 billion. In 2021, exports are projected to increase 10.3% and imports to rise 8.7%, with a trade surplus of USD 61.8 billion.

Author:, Economist

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Korea Trade Balance Chart

Korea Trade12m July 20 20 1

Note: 12-month sum of trade balance in USD billion and annual average variation of the 12-month sum of exports and imports.
Source: Korean Ministry of Trade, Industry and Energy (MOTIE) and FocusEconomics calculations.

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