Korea: Trade surplus shrinks in November
December 1, 2010
In November, exports rose 21.5% over the same month last year to reach USD 41.3 billion, according to data released by Korea Customs Services (KCS). The figure came in below the 27.6% expansion recorded in October but, nonetheless, marked the 13th consecutive double-digit increase in exports, confirming the strength of the external sector. According to the Ministry of Knowledge Economy (MKE), the November rise was driven by strong increases in general machinery exports, which surged 59.7% over the previous year, and by a 46.1% rise in exports of automobile parts. In addition, semiconductor exports were strong, increasing 36.3%. Meanwhile, according to KCS figures, imports increased 30.8% year-on-year in November (October: +21.3% yoy), reaching USD 38.6 billion. As a result, the trade surplus shrank from USD 6.5 billion in October to USD 2.7 billion in November.
Author: Armando Ciccarelli, Head of Data Solutions