Korea: Exports accelerate in November
December 17, 2012
In November, exports expanded a revised 3.8% over the same month last year (previously reported: +3.9% year-on-year), according to revised data released by the Korea Customs Service (KCS). The reading came in above the revised 1.0% expansion recorded in October, and exceeded market expectations of a 2.6% expansion.
According to the Ministry of Knowledge Economy (MKE), exports of wireless communication devices and petroleum products expanded notably in November, offsetting contractions in exports of ships. In the 12 months up to November, exports expanded 0.2% over the same period the previous year (October: +0.9% year-on-year).
Imports expanded 0.9% in November, which was down from the 1.6% increase recorded in October. As a result, in the last 12 months, imports expanded 1.1% in annual terms (October: +1.9% yoy). Meanwhile, the trade balance reached a USD 4.5 billion surplus in November, exceeding market expectations. As a result, in the 12 months up to November the trade surplus reached USD 29.1 billion, below the USD 32.6 billion observed in the same month the previous year.