South Korea Trade Surplus Widens To 3-Month High
South Korea recorded a USD 7.22 billion trade surplus in February of 2017, compared to a USD 6.78 billion surplus a year earlier. It was the largest trade surplus since November 2016, mainly driven by a surge in exports, preliminary data showed.
3/1/2017 10:56:19 AM
In February, sales jumped 20.2 percent from a year earlier to USD 43.19 billion, following a 11.2 percent rise in January and beating markets expectations of a 14.7 percent. It was the fourth straight month of growth and the fastest since February 2012.
Imports went up 23.3 percent to USD 35.97 billion, compared to a 18.6 percent rise in the prior month and above consensus of a 21.7 percent growth.
In January 2017, trade surplus came in at USD 2.81 billion.
For 2017, exports are expected to grow 2.9 percent, supported by improving global demand, while imports are projected to rise at a faster 7.2 percent.
The trade balance has been in consistent surpluses since February 2012.