South Korea’s trade surplus widened to USD 3.10 billion in February 2019 from USD 2.80 billion in the same month a year earlier, a preliminary data showed. Year-on-year, exports dropped by 11.1 percent to USD 39.56 billion, while imports declined at a faster 12.6 percent to USD 36.47 billion. Considering the first two months of 2019, the trade surplus narrowed to USD 4.39 billion from USD 6.28 billion in the corresponding period the prior year. Balance of Trade in South Korea averaged 1057.62 USD Million from 1966 until 2019, reaching an all time high of 13419.36 USD Million in September of 2017 and a record low of -4043.46 USD Million in January of 2008.

Balance of Trade in South Korea is expected to be 4230.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in South Korea to stand at 16100.00 in 12 months time. In the long-term, the South Korea Balance of Trade is projected to trend around 5800.00 USD Million in 2020, according to our econometric models.

South Korea Balance of Trade
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Calendar GMT Actual Previous Consensus TEForecast
2018-12-01 12:00 AM Balance of Trade $5.14B $6.47B $ 3.1B
2019-01-01 12:00 AM Balance of Trade $4.56B $4.93B
2019-02-01 12:00 AM Balance of Trade $1.34B $4.3B
2019-03-01 12:00 AM Balance of Trade $3.1B $1.29B $1.5B
2019-04-01 12:00 AM Balance of Trade $3.1B
2019-05-01 12:00 AM Balance of Trade
2019-06-01 12:00 AM Balance of Trade



South Korea Trade Surplus Widens Slightly in February

South Korea’s trade surplus widened to USD 3.10 billion in February 2019 from USD 2.80 billion in the same month a year earlier, a preliminary data showed. Year-on-year, exports dropped by 11.1 percent to USD 39.56 billion, while imports declined at a faster 12.6 percent to USD 36.47 billion.

Year-on-year, exports declined by 11.1 percent to USD 39.56 billion in February, missing market expectations of a 10.8 percent fall and following a 5.8 percent drop in the previous month. It marked the third straight month of decrease in outbound shipments and the steepest since April 2016, amid ongoing Sino-US trade conflict and lower oil prices. Sales of memory chips tumbled 24.8 pct, as global demand for smartphone slowed and major tech firms postponed purchases. Also, exports dropped for petrochemicals (-14.8 pct), amid a decline in crude oil prices. Meantime, sales of ships slumped 46.5 percent. The sharp decline of orders in 2016 continued to exert a negative impact, as takes around two to three years build exports ships. Exports to China, South Korea's top trading partner, contracted 17.4 pct while those to EU dropped 8.5 percent. In contrast, outbound shipments to the US grew for fifth straight month.
 
Imports decreased by 12.6 percent to USD 36.47 billion, worse than market consensus of a 11.6 percent fall and after a 1.7 percent drop in January.

Considering the first two months of 2019, the trade surplus narrowed to USD 4.39 billion from USD 6.28 billion in the corresponding period the prior year.


Rida Husna | rida@tradingeconomics.com
3/1/2019 3:11:43 AM


News

South Korea Trade Surplus Smallest in 5 Years
South Korea’s trade surplus narrowed sharply to USD 1.34 billion in January of 2019 from USD 3.45 billion in the same month of the preceding year, a preliminary data showed. It was the smallest trade surplus since February 2014, as exports dropped by 5.8 percent year-on-year to USD 46.35 billion, while imports declined 1.7 percent to USD 45.02 billion.
Published on 2019-02-01

South Korea Trade Surplus Smallest in 10 Months
South Korea’s trade surplus narrowed to USD 4.56 billion in December of 2018 from USD 5.51 billion in the same month of the preceding year, a preliminary data showed. It was the smallest trade surplus since February, as imports rose while exports fell.
Published on 2019-01-01

South Korea Trade Surplus Narrows 33.2% YoY in November
South Korea’s trade surplus narrowed sharply to USD 5.14 billion in November of 2018 from USD 7.69 billion in the same month of the preceding year, preliminary data showed. It was the smallest trade surplus since February, as imports rose more than exports.
Published on 2018-12-01

South Korea Trade Surplus Narrows in October
South Korea’s trade surplus narrowed slightly to USD 6.55 billion in October of 2018 from USD 6.93 billion in the same month of the preceding year, preliminary data showed.
Published on 2018-11-01



South Korea Trade Last Previous Highest Lowest Unit
Balance of Trade 3098.00 1293.92 13419.36 -4043.46 USD Million [+]
Current Account 2772.30 4819.30 12409.70 -3845.00 USD Million [+]
Current Account to GDP 5.60 7.00 10.70 -10.50 percent [+]
Imports 36466.00 45031.30 48480.62 38.61 USD Million [+]
Exports 39564.00 46325.22 55115.24 14.75 USD Million [+]
External Debt 440598.50 449529.10 452718.00 80766.40 USD Million [+]
Terms of Trade 97.60 98.90 237.00 86.10 Index Points [+]
Foreign Direct Investment 7698000.00 3448981.00 10819799.00 0.00 USD Thousand [+]
Capital Flows 2973.80 5585.20 12350.90 -3406.90 USD Million [+]
Tourism Revenues 1085300.00 1238700.00 1765400.00 326500.00 USD Million [+]
Tourist Arrivals 1104803.00 1324119.00 1703495.00 213006.00 [+]
Gold Reserves 104.40 104.40 104.44 13.00 Tonnes [+]
Terrorism Index 0.29 0.61 2.62 0.00 [+]
Weapons Sales 587.00 585.00 587.00 7.00 USD Million [+]

Exports by Country  |   Exports by Category  |   Imports by Country  |   Imports by Category



South Korea Balance of Trade

Since 2009 South Korea has been recording trade surpluses due to exports growth. The country exports mainly machinery and transport equipment, oil, iron, steel and plastics while it imports oil, electrical machinery, natural gas and food. Main trading partners are: China (26 percent of total exports and 21 percent of total imports) and the United States (13 percent of exports and 10 percent of imports). Others include: Japan, ASEAN countries and Germany. This page provides the latest reported value for - South Korea Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. South Korea Balance of Trade - actual data, historical chart and calendar of releases - was last updated on March of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
3098.00 1293.92 13419.36 -4043.46 1966 - 2019 USD Million Monthly




Country Last Previous
Argentina 372.00 Jan/19
Australia 4549.00 Jan/19
Brazil 3670.00 Feb/19
Canada -4593.40 Dec/18
China 41.18 Feb/19
Euro Area 1547.90 Jan/19
France -4195.00 Jan/19
Germany 14500.00 Jan/19
India -9600.00 Feb/19
Indonesia 329.50 Feb/19
Italy 321.80 Jan/19
Japan 339.00 Feb/19
Mexico -4809.60 Jan/19
Netherlands 2868.00 Jan/19
Russia 13368.00 Jan/19
Saudi Arabia 184673.00 Sep/18
Singapore 5198.50 Feb/19
South Africa -13082.76 Jan/19
South Korea 3098.00 Feb/19
Spain -4483276.00 Jan/19
Switzerland 2037.56 Feb/19
Turkey -2503.45 Jan/19
United Kingdom -3825.00 Jan/19
United States -59769.00 Dec/18


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