Korea: Contraction in exports extends in April
May 2, 2016
In April, exports totaled USD 41.0 billion, according to the Korea Customs Services. The reading represented an 11.2% year-on-year decrease—marking the 16th consecutive monthly contraction—and was deeper than March’s 8.1% contraction.
Meanwhile, imports totaled USD 32.2 billion in April, which represented a 14.9% contraction over the USD 37.9 billion registered in the same month last year. Imports have been contracting uninterruptedly at a double-digit rate since January 2015.
Korea’s trade surplus totaled USD 8.8 billion in April, which came in below the USD 9.9 billion registered in the previous month. The accumulated trade surplus in the 12 months up to April recorded USD 91.1 billion, which marked a multi-year high.
Author: Ricardo Aceves, Senior Economist