Korea: Exports surge in January at fastest pace in nearly five years
January 31, 2017
Korea’s exports increased 11.2% from the same month last year in January, totaling USD 40.3 billion. The result matched markets expectations and marked the strongest increase since February 2012. The positive news was widely welcomed by Korean policymakers who have been struggling with uncertainties related to political risks at home and the fallout from U.S. President Trump’s proposed trade policies.
Imports reached USD 37.5 billion in January, representing a massive 19.7% year-on-year increase. This increase is the strongest since February 2012.
Korea’s trade surplus totaled USD 3.2 billion in January, which was smaller than the previous month’s USD 6.8 billion surplus. January’s result prompted the trailing trade surplus to total USD 87.7 billion in 2016, which was smaller than the USD 89.4 billion in December.
Author: Ricardo Aceves, Senior Economist