Korea: Trade surplus widens notably on strong export growth
April 15, 2014
According to the Ministry of Trade, Industry and Energy, the value of exports was USD 49.8 billion in March. The reading represented a 5.2% expansion compared to the same month last year and marked an acceleration over the 1.5% increased observed in February. Additionally, this was the fastest increase since December 2013.
Imports increased 3.6% annually in March, which pushed the value of imports to USD 45.6 billion. The reading follows the 3.9% increase reported in February. As a result of the strong expansion in exports in March, the trade balance recorded a USD 4.2 billion surplus, which was above the USD 3.3 billion surplus registered in the same month last year. In the 12 months up to March, the trade surplus reached USD 44.4 billion.
FocusEconomics Consensus Forecast panelists expect exports to expand 7.9% in 2014 and to accelerate to 8.7% in 2015.
Author: Ricardo Aceves, Senior Economist