Korea: Exports rebound in March
April 15, 2013
In March, exports rose 0.2% over the same month last year, contrasting the 8.6% fall recorded in February. In the 12 months up to March, exports contracted 1.8% over the same period last year (February: -1.9% year-on-year).
According to the Ministry of Knowledge Economy (MKE), strong growth in wireless communication device exports more than offset a sharp drop in shipments for steel, ships and automobiles.
Imports decreased 2.0% in March, following the 10.6% drop recorded in February As a result, in the last 12 months, imports fell 3.4% in annual terms (February: -3.3% yoy). Meanwhile, the trade balance reached a USD 3.3 billion surplus in March, which is above the USD 2.3 billion surplus tallied in the same month last year. In the 12 months up to March the trade surplus reached USD 32.9 billion (February: USD 31.9 billion), the highest level since September 2011.
FocusEconomics Consensus Forecast panellists expect exports to expand 8.6% in 2013, before accelerating to 10.7% in 2014.