South Korea Trade Surplus at $ 2.7B in July


In July of 2013, South Korean trade surplus slightly increased to 2.71 billion USD, from 2.69 billion USD a year earlier. While exports recovered on the back of higher China and EU demand, imports grew in July for the first time in six months and at a faster pace than exports.

In July, exports increased 2.6 percent year-on-year to 45.8 billion USD. Shipments to China rose 14.5 percent on-year while exports to the United States and EU grew 8.5 percent and 8.2 percent on-year, respectively. In contrast, shipments to Japan shrank 14.8 percent as a result of the yen's depreciation.

By product, exports of mobile communication devices and semiconductors increased 27.3 percent and 21.8 percent, respectively. Shipments of steel products, on the other hand, contracted 19.4 percent.

Year-on-year, imports grew in July for the first time in six months to 43.1 billion USD, up by 2.7 percent, mainly due to higher oil imports.

South Korea Trade Surplus at $ 2.7B in July


Joana Taborda | joana.taborda@tradingeconomics.com
8/1/2013 10:07:20 AM