Korea Trade


Korea: Exports contract in August

September 15, 2014

In August, the value of exports totaled USD 46.2 billion, according to the Korea Customs Services. The reading marked a 0.2% year-on-year decrease and contrasted the 5.2% expansion registered in July. In addition, August’s print was slightly below the 0.1% decrease the markets had expected.

Meanwhile, imports increased 3.1% annually in August, which pushed the total value to USD 42.9 billion. The print was softer than the 5.8% expansion tallied in July. The trade surplus came in at USD 3.4 billion in August, which was below the USD 4.7 billion surplus observed in the same month last year. In the 12 months up to August, the trade surplus reached USD 42.7 billion (July: USD 44.1 billion), which represented the lowest reading since November 2013.

FocusEconomics Consensus Forecast panelists expect exports to expand 5.1% in 2014 and to accelerate to 6.6% in 2015.

Author: Angela Bouzanis, Senior Economist

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Korea Trade Chart

Korea Trade12m August 2014

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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