South Korea Trade Surplus Widens Slightly in April
South Korea recorded a USD8.80 billion trade surplus in April of 2016, compared to a USD8.45 billion surplus a year earlier, as imports dropped more than exports, preliminary dt showed.
5/1/2016 6:19:05 AM
Year-on-year, exports fell by 11.2 percent to USD41.0 billion, the 16th consecutive month of decline. Outbound shipments declined for: semiconductors (-11.5 percent year-on-year), petroleum (-10.8 percent) and petrochemical products (-14.5 percent). In contrast, sales grew for ships (+25.2 percent) and mobile communication devices (+3.2 percent).
Sales to China, the largest market for South Korean products, fell by 18.4 percent, following a 12.2 percent drop in March. It is the tenth straight month of decrease. Exports also declined by 6.6 percent to the US, compared to a 3.8 percent decline in the preceding month. It is the second consecutive month of fall. Outbound shipments to the EU countries also dropped by 0.1 percent, following a 12.7 percent growth in March. In contrast, exports to the the ASEAN countries grew by 7.1 percent.
Imports dropped by 14.9 percent to USD32.2 billion in April, the 19th straight month of fall.
In March 2016, trade surplus stood at USD9.80 billion.
The trade balance has been in consistent surpluses since February 2012