Korea: Exports fall in January
February 12, 2014
According to the Ministry of Trade, Industry and Energy, the value of exports was USD 45.6 billion in January. The print represents a 0.2% contraction compared to the same month last year and marked a notable deterioration over the 7.0% increase observed in December.
Imports fell 0.9% annually in January (December: +3.0% year-on-year), which drove imports value to USD 44.8 billion. The trade balance recorded a USD 700 million surplus in January, which was slightly up from the USD 400 million surplus registered in the same month last year. In the 12 months up to January, the trade surplus reached USD 44.4 billion, the highest level in nearly three years.
FocusEconomics Consensus Forecast panelists expect exports to expand 7.3% in 2014 and to accelerate to 8.1% in 2015.
Author: Ricardo Aceves, Senior Economist