Trade Balance in Korea
Korea - Trade Balance
Exports contract at a softer pace in December
Merchandise exports decreased 5.2% year-on-year in December, weaker than the 14.4% drop recorded in November, totaling USD 45.7 billion in December (November: USD 44.1 billion). Meanwhile, merchandise imports fell 0.7% in December, better than November’s 13.0% fall, and totaling USD 43.7 billion (November: USD 40.7 billion).
The merchandise trade surplus narrowed to USD 2.0 billion in December from USD 4.2 billion in the same month a year prior (November 2019: USD 3.3 billion surplus). Meanwhile, the 12-month moving sum of the trade balance narrowed to a USD 39.2 billion surplus in November from the USD 41.4 billion surplus in November.
The Korea-Japan political rift continued to weigh on trade between the two economies, but tensions seemingly thawed in recent weeks and are expected to improve going forward, which bodes well for the external sector. Moreover, the highly anticipated “Phase One” deal between the U.S. and China also adds further optimism to Korea’s trade outlook.
FocusEconomics panelists expect merchandise exports to increase 2.0% and imports increase 1.2% in 2020, bringing the trade surplus to USD 79.0 billion. In 2021, exports are expected to increase 6.2% and imports to rise 2.1%, resulting in a trade surplus of USD 104.2 billion.
Korea - Trade Balance Data
|Trade Balance (USD billion)||44.0||47.2||90.3||89.2||95.2|
5 years of economic forecasts for more than 30 economic indicators.
Korea Trade Balance Chart
Source: Korea Customs Service and FocusEconomics calculations.
|Bond Yield||1.68||1.55 %||Dec 31|
|Exchange Rate||1,156||0.21 %||Dec 31|
Get a sample report showing our regional, country and commodities data and analysis.
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
January 22, 2020
According to preliminary data released by the Bank of Korea, the economy grew 2.2% in annual terms in the fourth quarter, slightly faster than the third quarter’s 2.0% reading and beating market analyst expectations of 1.9% growth.
January 17, 2020
At its 17 January monetary policy meeting, the Bank of Korea (BOK) voted to keep the base rate unchanged at 1.25%, as had been widely expected by market analysts.
January 2, 2020
Merchandise exports decreased 5.2% year-on-year in December, weaker than the 14.4% drop recorded in November, totaling USD 45.7 billion in December (November: USD 44.1 billion).
January 2, 2020
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) ticked up from 49.4 in November to 50.1 in December, slightly higher than the 50-threshold that separates an improvement from deterioration in the manufacturing sector over the previous month. The slight improvement in December was driven by an increase in output and new orders.
December 31, 2019
The Bank of Korea’s forward-looking business confidence indicator for manufacturers ticked up to 73 in January from 71 in December, while confidence in the non-manufacturing sector also increased to 75 points in January from 74 in the month prior.