Korea Trade


Korea: Trade surplus reaches year-high as exports rebound

July 15, 2014

In June, the value of exports totaled USD 47.9 billion according to the Korea Customs Services. The reading represented a 2.5% expansion compared to the same month last year and contrasted the revised 1.4% decrease observed in May (previously reported: -0.9% year-on-year).

Imports growth picked up pace and expanded 4.1% annually in June, which pushed the total value up to USD 42.4 billion. The reading was markedly above the 0.3% increase registered in May. The trade balance recorded a USD 5.5 billion surplus in June, which represented the highest value in a year. June’s result was, nonetheless, below the USD 6.0 billion surplus recorded in the same month last year. In the 12 months up to June, the trade surplus reached USD 44.3 billion (May: USD 44.8 billion).

FocusEconomics Consensus Forecast panelists expect exports to expand 8.6% in 2014 and to accelerate to 8.9% in 2015.

Author:, Senior Economist

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Korea Trade Chart

Korea Trade12m June 2014 1

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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