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Korea Trade February 2024

Korea: Merchandise export growth slows in February

Merchandise exports rose 4.8% on an annual basis in February, slowing from January’s 18.0%. February’s outturn marked the weakest growth in five months but more than doubled market expectations. Adjusted for working-day differences, exports rose 12.5% year on year (January: +5.6%). Meanwhile, merchandise imports slid at a steeper 13.1% on an annual basis in February (January: -7.8% yoy).

As a result, the merchandise trade balance improved from the previous month, recording a USD 5.3 billion surplus in February (January 2024: USD 0.3 billion surplus; February 2023: USD 5.4 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 13.4 billion surplus in February, compared to the USD 2.8 billion surplus in January.

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