Korea: Trade surplus widens in June
July 14, 2011
In June, exports expanded 13.6% over the same month the previous year to reach USD 47.8 billion, according to data released by the Korea Customs Services (KCS). The reading came in below the 22.0% May print (previously reported: +22.4%) and, despite representing the 20th consecutive month that exports expanded at a double-digit rate, marked the slowest expansion since October 2009. According to the Ministry of Knowledge Economy (MKE), the June result reflected a strong increase in petroleum product exports, which surged 57.5% over the previous year and helped to offset a strong contraction (-36.8%) in the export of ships, which constitute one of Korea's main exports. Imports increased 27.5% year-on-year in June, down from May's 30.1% annual increase, reaching USD 44.9 billion. As imports moderated, the trade surplus widened slightly from USD 2.1 billion in May to USD 2.8 billion in June.
Author: Armando Ciccarelli, Head of Data Solutions