South Korea Trade Surplus Falls from Record High in May
South Korea trade surplus was at USD 6.32 billion in May of 2015, up from USD 4.97 billion a year earlier but significantly down from a record high of USD 8.48 billion in the preceding month, as imports fell more than exports.
Year-on-year, exports in May fell by 10.9 percent to USD 42.39 billion, the fifth straight monthly decline and missing market consensus. Sales of petroleum products, including gasoline and diesel, were down 40 percent and exports of petrochemical products declined by 22.8 percent. In contrast, shipments of mobile communication devices increased by 26.6 percent while those of semiconductors grew by 4.8 percent.
Exports to China, the world's largest market for South Korean products, fell by 3.3 percent year-on-year while those to the US and Japan dropped by 7.1 percent and 13.2 percent respectively. Sales to the EU countries also declined by 9.0 percent.
Imports fell by 15.3 percent to USD 36.07 billion, compared with a 17.8 percent decline in April.
The trade balance has been in consistent surpluses since February 2012.
6/1/2015 4:36:38 AM