Korea: Trade surplus widens on faster growth in exports
May 14, 2014
According to the Ministry of Trade, Industry and Energy, the value of exports was USD 50.3 billion in April. The reading represented a 9.0% expansion compared to the same month last year and marked an acceleration over the 5.1% increase observed in March. This also marked the fastest increase since January 2013.
Imports increased 5.0% annually in April, which pushed the value of imports to USD 45.9 billion. The reading follows the 3.6% rise reported in March. As a result of the strong expansion in exports in April, the trade balance recorded a USD 4.5 billion surplus, which was well above the USD 2.5 billion surplus registered in the same month last year. In the 12 months up to April, the trade surplus reached USD 46.3 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