South Korea Reports the Highest Trade Surplus in Nearly 3 Years
South Korea's trade surplus increased to 5.9B USD in May of 2013, from 2.4B USD in the previous month. The sharp growth came as exports expanded on the back of surge in smartphone shipments and higher demand from the US and China.
6/14/2013 4:39:32 PM
Exports gained 3.2 percent year-on-year to 48.4 billion USD, after rising by 0.4 percent in the previous month.
Exports of wireless communications devices surged 62.5 percent thanks to brisk sales of smartphones. Shipments of semiconductors increased 17.4 percent and exports of household appliances grew 13.4 percent over a year earlier. Textile exports also increased as an effect of the Korea-Turkey FTA. Exports of steel, on the other hand, declined sharply, mainly due to sluggish recovery of the steel market.
Exports to the United States increased 21.6 percent year-on-year, while shipments to China grew 16.6 percent. Shipments to Japan dropped by 11.7 percent.
Imports declined 4.6 percent to 42.5 billion USD, after declining by 0.5 percent in April, mainly due to weak demand for crude oil.
From April to May, exports increased 4.5 percent, while imports went down by 3.4 percent.