South Korea Trade Surplus Falls from Record High
South Korea trade surplus was at USD 7.76 billion in July of 2015, up from USD 2.34 billion a year earlier but missing market forecasts, as imports fell more than exports.
8/1/2015 2:47:16 AM
Year-on-year, exports in July fell by 3.3 percent to USD 46.60 billion, the seventh straight monthly decline, after registering a revised 2.4 percent drop in the preceding month. Sales of petroleum products were down 28.1 percent and those of petrochemical products declined by 17.2 percent. Exports of automobile also shrank by 6.2 percent.
Outbond shipments to China, the world's largest market for South Korean products, declined by 6.4 percent year-on-year, the sharpest drop since a 7.7 percent decline in February. Sales also fell to Japan (-28.0 percent) and the EU countries (-5.6 percent). In contrast, sales to the US rose by 1.8 percent, following a 10.9 percent in the previous month.
Imports declined by 15.3 percent to USD 38.85 billion, following a 13.6 percent decrease in June.
In June 2015, the country posted a revised USD9.98 billion trade surplus, the highest in record.
The trade balance has been in consistent surpluses since February 2012.