South Korea Trade Surplus Narrows 3.7% in November
South Korea’s trade surplus narrowed to USD 7.8 billion in November of 2017 from USD 8.1 billion in the same month of the previous year, as exports rose less than imports, preliminary data showed.
12/1/2017 4:05:21 AM
Year-on-year, exports increased by 9.6 percent to USD 49.7 billion, after increasing 7.1 percent in October. It was the thirteenth straight month of growth in outbound shipments, the longest run of gains since 2011, mainly driven by an increase sharply in sales of memory chips and machinery.
Exports to China jumped 20.5 percent from a year earlier, marking a fourth-month surge, while those to ASEAN went up 13.4 percent, resulting in the 13th consecutive month of double-digit growth. On the other hand, sales to the US swung back to growth in November, after declining by 12 percent in the prior month. Sales to the US increased for wireless communications and computers, as well as petrochemical and machinery products.
Imports went up by 12.3 percent to USD 41.8 billion, after climbing an upwardly revised 7.9 percent in the previous month.
In October 2017, trade surplus was downwardly revised to 7.1 USD billion.
For 2017, exports are projected to rise 2.9 percent, supported by improving global demand, while imports are expected to grow by 7.2 percent. The trade balance has been in consistent surpluses since February 2012.