South Korea Trade Surplus Narrows in September
South Korea recorded a USD 7.10 billion trade surplus in September of 2016, compared to a USD 8.89 billion surplus a year earlier, as exports fell more than imports, preliminary data showed.
10/1/2016 3:12:38 AM
Year-on-year, exports declined by 5.9 percent to USD 40.8 billion, following a 2.6 percent rise in August while market expected a 4.1 percent drop. Sales declined the most for mobile devices (-27.9 percent), followed by automobiles (-24 percent) and semiconductors (-2.6 percent). In contrast, outbound shipments rose for personal computers (+13.3 percent) and automobile parts (+3.5 percent).
Imports decreased by 2.3 percent to USD 33.8 billion, after growing 0.1 percent in the preceding month and in line with consensus.
Sales to China, the largest market for South Korean products, fell 9.1 percent, marking the 15th straight month of fall. Outbound shipments also dropped to the US (-6.1 percent) and the EU countries (-14.5 percent). In contrast, exports went up 16.9 percent to Vietnam.
In August 2016, trade surplus was downwardly revised to USD 5.10 billion.
The trade balance has been in consistent surpluses since February 2012.