Korea: Exports accelerate in September
October 15, 2014
In September, the value of exports totaled USD 47.7 billion, according to the Korea Customs Services. The reading marked a 6.8% year-on-year increase, which contrasted the 0.2% contraction recorded in August. In addition, September’s print marked the fastest increase in over five months.
Meanwhile, the value of imports totaled USD 44.3 billion in September. As a result, imports grew 7.9% year-on-year, which was far above the 3.1% increase tallied in August.
Since both exports and imports accelerated strongly in September, the trade balance has not shown significant changes. In fact, the trade surplus came in at USD 3.4 billion in September, which was unchanged from August’s result. In the 12 months up to September, the trade surplus reached USD 42.5 billion (August: USD 42.7 billion), which represented the lowest reading since November 2013.
Author: Cecilia Simkievich, Economist