South Korea Trade Surplus Widens in October

South Korea’s trade surplus widened to USD 7.3 billion in October of 2017 from USD 6.93 billion in the same month of the previous year, mainly supported by strong exports, preliminary data showed
Rida Husna | 11/1/2017 3:11:33 AM
Year-on-year, exports increased by 7.1 percent to USD 45.0 billion, after soaring 35.0 percent in September. It was the twelfth straight month of growth in outbound shipments, the longest run of gains since 2011. Sales of semiconductors soared 69.6 percent to USD 9.48 billion on strong demand over new smartphones. In addition, sales of automobiles jumped by 36 percent while that of petrochemicals increased by 6.1 percent.

Exports to China rose 13.5 percent from a year earlier. On the other hand, sales to the US declined by 12 percent, marking the first decline in four months.

Imports went up by 7.4 percent to USD 37.7 billion, after surging an upwardly revised 22.6 percent in the previous month. 

In September 2017, trade surplus was downwardly revised to 13.5 USD billion. 

For 2017, exports are projected to rise 2.9 percent, supported by improving global demand, while imports are expected to grow by 7.2 percent. The trade balance has been in consistent surpluses since February 2012.

South Korea Trade Surplus Widens in October