Korea: Exports decelerate in October
November 13, 2014
In October, exports totaled USD 51.8 billion, according to the Korea Customs Services. The reading marked a 2.5% year-on-year increase, which was well below the 6.9% increase recorded in September.
Meanwhile, imports totaled USD 44.3 billion in October, which mirrored the value registered in the previous month. As a result, imports declined 3.0% year-on-year, which contrasted the strong 8.0% increase tallied in September.
The trade balance improved compared to the same month last year. The trade surplus came in at USD 7.5 billion in October, which was notably up from the USD 3.4 billion surplus registered in September. In the 12 months up to October, the trade surplus reached USD 45.2 billion (August: USD 42.6 billion), which represented the highest reading in six months.
Author: Cecilia Simkievich, Economist