Korea: Trade surplus reaches 7-month high in April
May 15, 2011
In April, exports rose a robust 25.1% over the same month the previous year to reach USD 49.2 billion, according to data released by the Korea Customs Services (KCS). The reading came in below the even stronger 28.8% March print and confirmed the strength of the external sector, with exports expanding at a double-digit rate for the 18th consecutive month. According to the Ministry of Knowledge Economy (MKE), the April result reflected a strong increase in exports of petroleum products, which surged 79.8% over the previous year. In addition, ship exports grew 56.1%. Imports increased 23.9% year-on-year in April, down from March's 27.6% annual increase, reaching USD 44.0 billion. As exports exceeded imports, the trade surplus expanded from USD 2.7 billion in March to USD 5.1 billion in April, which marks the largest surplus since October 2010.
Author: Armando Ciccarelli, Head of Data Solutions