South Korea Trade Surplus Widens in September
South Korea trade surplus was at USD8.9 billion in September of 2015, up from USD3.3 billion a year earlier and beating market expectations. It is the second-largest trade surplus in record, as imports dropped more than exports.
Year-on-year, exports in September fell by 8.3 percent to USD 43.51 billion, the ninth straight monthly decline, following a downwardly revised 14.9 percent drop in August. Sales of petroleum products were down 46.1 percent year-on-year and those of petrochemical products declined by 26.70 percent. In contrast, exports of mobile communication devices, including smartphones, increased by 40.9 percent while those of automobile parts rose by 5.0 percent.
Outbond shipments to China, the largest market for South Korean products, fell by 5.0 percent from a year earlier, the third month in a row of falling. Those to the US declined by 3.7 percent. In contrast, exports to the EU countries surged 19.7 percent, the highest increase since May 2014 and the first rise for this year, after registering a 20.8 percent decline in the preceding month.
Imports plunged by 21.8 percent to USD 34.6 billion, the fastest drop since September 2009, following a 18.3 percent decrease in August.
In August 2015, South Korea posted a revised USD4.27 billion trade surplus. The country posted a record high of USD9.89 billion trade surplus in June this year.
The trade balance has been in consistent surpluses since February 2012.
10/1/2015 4:27:20 AM