Korea: Trade surplus widen on rising exports
March 13, 2014
According to the Ministry of Trade, Industry and Energy, the value of exports was USD 43.0 billion in February. The reading represented a 1.6% expansion compared to the same month last year and marked an improvement over the 0.2% contraction observed in January. Imports growth accelerated to a 4.0% annual expansion in February (January: -1.0% year-on-year), which drove imports to USD 42.1 billion. The trade balance recorded a USD 900 million surplus in February, which was slightly up from the USD 800 million surplus registered the previous month, but was well below the USD 1.9 billion surplus recorded in the same month last year. In the 12 months up to February, the trade surplus reached USD 43.5 billion. FocusEconomics Consensus Forecast panelists expect exports to expand 7.3% in 2014 and to accelerate to 8.1% in 2015.
Author: Ricardo Aceves, Senior Economist