Korea: Trade surplus narrows in August
September 15, 2011
In August, exports expanded 25.9% over the same month the previous year to USD 45.9 billion, according to data released by the Korea Customs Services (KCS). The reading came in above the 21.7% July print and marked the 22nd consecutive month that exports expanded at a double-digit rate, in addition to representing the largest expansion in the last five months. According to the Ministry of Knowledge Economy (MKE), the August result reflected a strong increase in exports of petroleum products, which rose 84.5% over the same month last year, and ships, which expanded 77.5%. Imports increased 28.9% year-on-year in August, up from July's 25.0% annual increase, reaching USD 45.5 billion. As imports grew more than exports, the trade surplus narrowed from USD 4.9 billion in July to USD 0.5 billion in August.
Author: Armando Ciccarelli, Head of Data Solutions