Korea: Trade surplus widens in September
October 15, 2011
In September, exports expanded 19.6% over the same month the previous year to USD 47.1 billion, according to data released by the Korea Customs Services (KCS). The reading came in below the 25.9% August print, but marked the 23rd consecutive month that exports expanded at a double-digit rate. According to the Ministry of Knowledge Economy (MKE), the September result reflected a strong increase in exports of petroleum products, which rose 56.8% over the same month last year, and general machinery, which expanded 40.2%. Imports increased 30.5% year-on-year in September, up from August's 28.9% annual increase, reaching USD 45.7 billion. Despite the pick-up in imports, the trade surplus widened from USD 0.5 billion in August to USD 1.4 billion in September.
Author: Armando Ciccarelli, Head of Data Solutions