Korea Trade December 2015


Korea: Exports contract again in December, trade surplus widens on greater import decline

January 14, 2016

In December, exports totaled USD 42.5 billion, according to the Korea Customs Services. The reading represented a 14.1% year-on-year decrease, marking the 12th consecutive decline (November: -4.9% yoy).

Meanwhile, imports totaled USD 35.5 billion in December, which was above the 34.1 billion recorded in November. The reading marked a substantial 19.2% annual decline (November: -17.6% yoy) and was the 12th straight double-digit contraction.

The trade balance widened in December compared to the same month last year. The trade surplus came in at USD 7.0 billion in December, which was larger than the USD 5.6 billion surplus registered in the same month of 2014. However, the December trade surplus was smaller than the USD 10.3 billion surplus registered in November. In the 12 months up to December, the trade surplus reached USD 90.4 billion (November: USD 88.9 billion surplus).

FocusEconomics Consensus Forecast panelists expect exports to grow 4.3% in 2016 and to expand 3.1% in 2017.

Author:, Economist

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Korea Trade Chart

Korea Trade12m December 2015 0

Note: 12-month sum of trade balance in USD billion and annual average variation of the 12-month sum of exports and imports.
Source: Korea Customs Services (KCS) and FocusEconomics calculations.

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