Invest KOREA

Korea recorded a trade surplus for 16 consecutive months as exports increased and imports decreased year-on-year.

According to export and import trends in May released by the Korea Customs Service last Friday, exports stood at USD 48.363 billion, a 4.7 percent increase from April and a 3.2 percent rise from May 2012.

Imports decreased by 3.1 percent from April and 4.6 percent year-on-year at USD 42.448 billion.

With a trade surplus of USD 5.916 billion, Korea has shown a trade surplus for 16 consecutive months since February of 2012.

Exports of mobile communication devices (40.3 percent), semiconductors (17.1 percent), automobiles (7.9 percent) and fire-processed articles (7.7 percent) rose whereas those of ships (-34.6 percent), steel products (-8.6 percent) and oil products (-4.9 percent) dropped over the same period last year.

Exports to the European Union (-14 percent), Middle East (-13.4 percent) and Japan (-11.6 percent) were reduced year-on-year, whereas exports to the United States (21.6 percent), South and Central America (17.1 percent) and China (16.6 percent) grew during the same period last year.

For imports, that of raw materials including coal (-26.1 percent), crude oil (-17.5 percent) and steel (-11.7 percent) decreased by 10.2 percent. Exports of clothing (19.2 percent), semiconductor (18.4 percent) and household appliances (5.6 percent) increased. Consumption goods and capital goods imports grew by 5.8 percent and 5.1 percent, respectively.

Accumulated exports this year reached USD 229.9 billion, a 0.9 percent increase year-on-year, and imports stood at USD 215.9 billion, a 2.8 percent drop.


Source Text

Source: Yonhap News (June 14, 2013)

** This article was translated from the Korean.