Korea: Exports contract at the highest pace in almost two years
December 15, 2014
In November, exports totaled USD 46.9 billion, according to the Korea Customs Services. The reading marked a 2.1% year-on-year decline, which contrasted the 2.3% increase tallied in October and marked the sharpest fall since February 2013.
Meanwhile, imports totaled USD 41.4 billion in November, which was below the 44.3 billion tallied in October. Imports declined 4.0% yoy in November, which was down from the 3.0% drop recorded in October and marked the lowest reading in a year and a half.
The trade balance improved compared to the same month last year. The trade surplus came in at USD 5.5 billion in November, which was notably up from the USD 4.8 billion surplus registered in same month last year. However, the November trade surplus was significantly lower than the USD 7.4 billion surplus registered in October. In the 12 months up to November, the trade surplus reached USD 45.4 billion (October: USD 44.7 billion), which represented the highest reading in seven months.
Author: Cecilia Simkievich, Economist