South Korea Trade Surplus Hits Record High in March
South Korea trade surplus widened to USD 8.39 billion in March of 2015 from USD 3.50 billion a year earlier, reaching an all time high, as imports fell more than exports.
Year-on-year, exports declined by 4.2 percent to USD 46.99 billion, the sharpest fall since February 2013, following a revised 3.3 percent drop in the previous month. Outbound shipments to China fell by 2.4 percent year-on-year while those to Japan decreased by 23 percent. In contrast, sales to the US increased by 17 percent. Exports of petrochemical products dropped by 24.8 percent annually to USD 3.33 billion despite a 11.4 percent increase in terms of volume. Exports of petroleum products also decreased by 32.5 percent to USD 3.14 billion despite a 10.1 percent rise in terms of volume. In contrast, exports increased for semiconductors (+3.4 percent to USD 5.41 billion) and ships (+13.6 percent to USD 3.72 billion).
Imports fell by 15.30 percent to USD 38.60 billion, compared with a revised 19.7 percent fall in the preceding month. In terms of value, purchases of crude, fell by 43.9 percent year-on-year. Inbound shipments of consumer goods grew by 9.4 percent while those of capital goods increased by 3.2 percent.
In February, South Korea posted a revised USD 7.71 billion trade surplus.
The trade balance has been in surpluses since February 2012.
4/1/2015 6:02:50 AM