Korea: Trade surplus widens in March
April 15, 2011
In March, exports rose a robust 28.9% over the same month the previous year to reach USD 48.1 billion, according to data released by the Korea Customs Services (KCS). The reading came in above the 16.9% February print and confirmed the strength of the external sector, with exports expanding at a double-digit rate for the 17th consecutive month. According to the Ministry of Knowledge Economy (MKE), the March result reflected a strong increase in exports of petroleum products, which surged 87.8% over the previous year. In addition, ship exports jumped 70.1%. Imports increased 27.3% year-on-year in March, up from February's 16.6% annual increase, reaching USD 45.3 billion. As exports outpaced imports, the trade surplus expanded from USD 2.4 billion in February to USD 2.8 billion in March.
Author: Armando Ciccarelli, Head of Data Solutions