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Korea: Exports rebound in December; 2014 trade surplus marks record high

January 15, 2015

In December, exports totaled USD 49.7 billion, according to the Korea Customs Services. The reading marked a 3.6% year-on-year increase, which contrasted the 2.4% drop recorded in November (previously reported: -2.1% year-on-year).

Meanwhile, imports totaled USD 44.0 billion in December, which was above the USD 41.4 billion recorded in November. December’s reading marked a 0.9% annual decline, which was a much smaller contraction than the 4.0% drop tallied in November.

The trade balance improved compared to the same month last year. The trade surplus came in at USD 5.7 billion in December, which was notably up from the USD 3.6 billion surplus registered in the same month of the previous year. The trade surplus accumulated a total of USD 47.5 billion during 2014, which represented a record high.

FocusEconomics Consensus Forecast panelists expect exports to expand 5.6% in 2015 and to accelerate to 10.8% in 2016.


Author:, Economist

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Korea Trade Chart


Korea Trade12m December 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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