Korea: Trade surplus widens to record-high in July
August 15, 2011
In July, exports expanded 27.2% over the same month the previous year to USD 51.4 billion, according to data released by the Korea Customs Services (KCS). The reading came in above the 13.6% June print and marked the 21st consecutive month that exports expanded at a double-digit rate, in addition to representing the largest expansion in the last four months. According to the Ministry of Knowledge Economy (MKE), the July result reflected a strong increase in exports of petroleum products (+89.2% year-on-year) and steel (+72.5% yoy). In addition, the export of ships, which constitute one of Korea's main export goods, rebounded from last month's 36.8% contraction and expanded 42.6%. Imports increased 24.8% yoy in July, down from June's 27.5% annual increase, reaching USD 44.2 billion. As imports moderated, the trade surplus widened from USD 2.8 billion in June to USD 7.2 billion in July, the largest monthly trade surplus on record.
Author: Armando Ciccarelli, Head of Data Solutions