Korea: Trade surplus narrows on falling exports
May 13, 2014
According to the Korea Customs Services, the value of exports totaled USD 47.9 billion in May. The print represented a 0.9% contraction in annual terms and contrasted the 9.0% expansion registered in April. This marked the sharpest decrease in merchandise exports since September 2013.
Imports increased a lackluster 0.3% annually in May, which drove the value of imports to USD 42.5 billion. The reading marked a deceleration compared to the 5.0% expansion observed in April. As a result of the contraction in exports in May, the trade balance recorded a USD 5.3 billion surplus, which was slightly down from the USD 5.9 billion observed in the same month last year. In the 12 months up May, the trade surplus reached USD 45.1 billion (April: USD 45.6 billion).
Author: Ricardo Aceves, Senior Economist