South Korea Trade Surplus Widens in November
South Korea recorded a USD 5.61 billion trade surplus in November of 2014, compared with a USD 4.79 billion surplus a year earlier. Exports dropped unexpectedly 1.9 percent while imports declined 4 percent.
12/1/2014 12:19:58 PM
Year-on-year, exports decreased 1.9 percent to USD 46.9 billion, following a revised 2.3 percent increase in October as this year's November had fewer working days compared to a year earlier. By products, exports of semiconductors increased by 16.7 percent and sales of steel products surged 13.3 percent. In contrast, exports of automobiles declined 5.5 percent.
Shipments to the Unites States jumped 20.8 percent in November. Sales to other major export destinations were mostly down with those to Japan falling the most by 24.4 percent, followed by the EU countries (-6.7 percent) and China (- 3.2 percent).
Imports dropped 4 percent to USD 41.38 billion, compared with a 3 percent decrease in the previous month, largely due to a drop in prices of energy. In the first 20 days of November, imports of capital goods increased 8.2 percent, while those of consumer products rose 9.4 percent.
In October of 2014, South Korea posted a record high USD 7.38 billion trade surplus. The country has been posting constant trade surpluses since February of 2012.