Korea Trade


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.

FocusEconomics Consensus Forecast panelists expect exports to expand 3.7% in 2014 and to accelerate to 6.2% in 2015.

Author:, Economist

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Korea Trade Chart

Korea Trade12m October 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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