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.
Author: Cecilia Simkievich, Economist