South Korea Trade Surplus Narrows in September
South Korean trade surplus declined to USD 3.36 billion in September of 2014 from USD 3.59 billion a year earlier, marking the 32nd straight month of surplus, as imports grew faster than exports. In August, the country posted a revised USD 3.37 billion trade surplus.
10/1/2014 10:24:26 AM
Year-on-year, exports, which accounted for around half of the economy, rose 6.8 percent to USD 47.7 billion. Outward shipments of computers and steel products increased 30.5 percent and 3.8 percent respectively and became the largest contributors for the country’s total exports. However, sales of mobile communication devices, including smartphones, slipped 3.9 percent.
Exports to the US rose 19.9 percent annually while those to China, the top destination market for South Korea products, grew 6.5 percent. In contrast, sales to Japan and the EU countries fell by 6.2 percent and 5.1 percent respectively.
Imports jumped 8.0 percent to USD 44.3 billion, largely due to a rise in purchases of both industrial and consumer goods.
During the first twenty days of September, imports of raw materials gained 6.6 percent annually and purchases of consumer goods surged 20.6 percent.