Korea: Exports pick up momentum
August 13, 2014
In July, the value of exports totaled USD 48.4 billion, according to the Korea Customs Services. The reading marked a 5.7% year-on-year increase and represented an acceleration over the 2.5% expansion registered in June. In addition, July’s expansion overshot the 3.8% increase the markets had expected.
Meanwhile, imports increased 5.8% annually in July, which pushed the total value to USD 45.9 billion. The print was stronger than the 4.1% expansion tallied in June. The trade surplus came in at USD 2.5 billion in June, which was virtually unchanged from the USD 2.4 billion surplus observed in the same month last year. In the 12 months up to July, the trade surplus reached USD 44.4 billion (June: USD 44.3 billion).
Author: Ricardo Aceves, Senior Economist