Korea: Merchandise trade surplus shrinks in July
Latest reading: In July, the trade balance was USD +30.3 billion, following a USD +36.1 billion reading in the prior month. Over the last 12 months, the trade balance summed to USD +211.5 billion.
Merchandise exports increased 62.8% in year-on-year terms in July, following 70.7% growth in the previous month, mainly driven by a surge in semiconductor shipments, which rose for the 14th consecutive month, driven by strong demand for memory chips. Merchandise imports were up 26.5% in year-on-year terms in July, following 30.0% growth in the previous month.