Merchandise exports rise at a more moderate pace in June

Merchandise exports increased 5.1% annually in June, following May’s 11.5% jump and marking the second-highest total export value of all time. The daily average export value—which accounts for the number of working days—was up 12.4%. IT items—particularly semiconductors—drove the readings, amid a boom in global AI demand. Meanwhile, merchandise imports contracted 7.5% in annual terms in June (May: -2.0% yoy). As a result, the merchandise trade balance improved from the previous month, recording a USD 8.0 billion surplus in June (May 2024: USD 4.9 billion surplus; June 2023: USD 1.2 billion surplus). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 39.0 billion surplus in June, compared to the USD 32.3 billion surplus in May.

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Korean trade projections for the next ten years from a panel of 5 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable trade forecast available for Korean trade.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Korean trade projections.

Want to get access to the full dataset of Korean trade forecasts? Send an email to info@focus-economics.com.