South Korea’s trade surplus narrowed to USD 4.17 billion in June 2019 from USD 6.08 billion in the same month a year earlier, a preliminary data showed, as exports fell more than imports, amid weakening global demand. Exports declined 13.5 percent year-on-year to USD 44.18 billion, worse than market consensus of a 12 percent decrease and faster than an upwardly revised 9.5 percent fall in May. Imports dropped 11.1 percent to USD 40.01 billion, accelerating from a marginally revised 1.8 percent fall in the previous month and compared with market consensus of a 10.1 percent decline. For the first half of the year, the trade surplus narrowed sharply to USD 19.5 billion from USD 37.2 billion in the corresponding period of 2018, as exports fell 8.4 percent on year to USD 271.5 billion while imports declined at a softer 5.1 percent to USD 252 billion. Balance of Trade in South Korea averaged 1074.64 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 8500.00 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 4500.00 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
2019-04-01 12:00 AM Balance of Trade Mar $5.22B $2.96B $4.9B
2019-05-01 12:00 AM Balance of Trade Apr $4.12B $5.21B $5.4B
2019-06-01 12:00 AM Balance of Trade May $2.27B $4.0B $5.07B $5.9B
2019-07-01 12:00 AM Balance of Trade Jun $4.17B $2.25B $4.17B $6.4B
2019-08-01 12:00 AM Balance of Trade Jul $4.17B $7.4B
2019-09-01 12:00 AM Balance of Trade Aug $6.5B
2019-10-01 12:00 AM Balance of Trade Sep $ 8.5B



South Korea Trade Surplus Narrows Sharply in June

South Korea’s trade surplus narrowed to USD 4.17 billion in June 2019 from USD 6.08 billion in the same month a year earlier, a preliminary data showed, as exports fell more than imports.

Year on-year exports tumbled by 13.5 pct year-on-year to USD 44.18 billion in June 2019, worse than market consensus of a 12 pct drop and faster than a 9.4 pct fall in May. It marked the seventh straight month of contraction in overseas sales, amid weakening global demand and the prolonged Sino-US trade row. Sales of semiconductors tumbled 25.5 pct, due to a fall in prices of memory chips, coupled with the weaker demand for smartphone around the world. In addition, exports of petrochemicals shrank 24.5 percent, mailny due to the decreasing of oil prices. On the other hand, sales of ships surged 46.4 percent. Also, exports of cars rose 8.1 percent, following the stronger demand for SUVs. Meantime, exports bio-health and rechargeable batteries also increased.

Exports to China, the largest trading partner for Asia's fourth-largest economy, slumped 24.1 percent, the steepest yearly fall since May 2009, when exports dropped by 25.6 percent Also, sales to the EU declined 3.1 percent, due to the sluggish economy of Germany. In addition, outbound shipments to the US decreased 2.5 percent, led by lower sales of chips and mobile devices

For the second half of 2019, the government expects exports to recover, supported by better prices of chips and the effects of China's economic stimulus measures.
 
Imports dropped by 11.1 percent year-on-year to USD 40.01 billion in June 2019, accelerating from a marginally revised 1.8 percent fall in the previous month and compared with market consensus of a 10.1 percent decline.
 
For the first half of the year, the trade surplus narrowed sharply to USD 19.5 billion from USD 37.2 billion in the corresponding period 2018. Exports fell 8.4 percent on year to USD 271.5 billion while imports declined at a softer 5.1 percent to USD 252 billion.   
 



Ministry of Trade, Industry & Energy (MOTIE) l Chusnul Ch Manan | chusnul@tradingeconomics.com
7/1/2019 2:21:54 AM



South Korea Trade Last Previous Highest Lowest Unit
Balance of Trade 4168.00 2248.83 13419.36 -4043.46 USD Million [+]
Current Account 4949.40 -664.80 12409.70 -3845.00 USD Million [+]
Current Account to GDP 4.70 4.90 10.70 -10.50 percent [+]
Imports 40010.00 43636.00 48480.62 38.61 USD Million [+]
Exports 44180.00 45907.00 55115.24 14.75 USD Million [+]
External Debt 440584.60 440598.50 452718.00 80766.40 USD Million [+]
Terms of Trade 90.80 90.50 228.10 82.90 Index Points [+]
Foreign Direct Investment 6704915.00 3173570.00 10820073.00 0.00 USD Thousand [+]
Capital Flows 4591.40 363.00 12350.90 -3406.90 USD Million [+]
Tourism Revenues 1562300.00 1688300.00 1765400.00 326500.00 USD Million [+]
Tourist Arrivals 1485684.00 1635066.00 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 1083.00 751.00 1083.00 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 July of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
4168.00 2248.83 13419.36 -4043.46 1966 - 2019 USD Million Monthly




Country Last Previous
Argentina 1373.00 May/19
Australia 5745.00 May/19
Brazil 5020.00 Jun/19
Canada 762.30 May/19
China 509.76 Jun/19
Euro Area 23033.60 May/19
France -3278.00 May/19
Germany 20600.00 May/19
India -15280.00 Jun/19
Indonesia 196.00 Jun/19
Italy 5347.00 May/19
Japan 589.46 Jun/19
Mexico 1030.71 May/19
Netherlands 5579.00 May/19
Russia 11823.00 May/19
Saudi Arabia 131636.00 Mar/19
Singapore 2447.29 Jun/19
South Africa 1737.21 May/19
South Korea 4168.00 Jun/19
Spain -1605300.00 Apr/19
Switzerland 3251.00 Jun/19
Turkey -1837.83 May/19
United Kingdom -2324.00 May/19
United States -55520.00 May/19


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