Korea: Exports decelerate further in April
May 16, 2012
In April, exports contracted 4.8% over the same month last year to USD 46.2 billion, according to data released by the Korea Customs Service (KCS). The reading followed the 1.5% drop recorded in March and defied market expectations of a 1.0% gain. According to the Ministry of Knowledge Economy (MKE), exports of ships and wireless communication devices contracted sharply over the same month last year, which offset solid growth in exports of automobiles and general machinery. Imports fell 0.2% year-on-year in April to USD 44.1 billion, which followed a 1.4% drop in March. The trade surplus fell from USD 2.4 billion in March to USD 2.1 billion in April. The Central Bank expects exports to expand 5.6% this year, before accelerating to a 10.0% increase in 2013.