South Korea Balance of Trade  1966-2018 | Data | Chart | Calendar

South Korea’s trade surplus increased to USD 6.9 billion in August of 2018 from USD 6.6 billion in the same month of the preceding year, preliminary data showed. In August, exports grew by 8.7 percent year-on-year to a record high for August of USD 51.2 billion, faster than a 6.2 percent gain in July, but missing consensus of a 10.1 percent rise. Inbound shipments increased by 9.2 percent year-on-year to USD 44.3 billion, slower than an upwardly revised 16.4 percent rise in a month earlier but beating market estimates of a 7.7 percent growth. Considering the first eight months of 2018, the trade surplus narrowed sharply to USD 49.21 billion from USD 61.8 billion in the same period the prior year. Balance of Trade in South Korea averaged 1022.30 USD Million from 1966 until 2018, reaching an all time high of 13419.36 USD Million in September of 2017 and a record low of -4043.46 USD Million in January of 2008.

South Korea Balance of Trade
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South Korea Trade Surplus Widens 4.5% YoY in August


South Korea’s trade surplus increased to USD 6.9 billion in August of 2018 from USD 6.6 billion in the same month of the preceding year, preliminary data showed. Exports rose 8.7 percent year-on-year to a record high for August of USD 51.2 billion while imports went up 9.2 percent to USD 44.3 billion.

In August, exports grew by 8.7 percent to USD 51.2 billion, missing market expectations of a 10.1 percent growth and after a 6.2 percent rise in July. It was the second straight month of growth in outbound shipments amid escalating trade row between China and the US. Exports of semiconductors jumped 31.5 percent, driven by solid sales of high-value memory chips and storage devices in major markets. Also, sales of petrochemical products grew 17 percent, supported by solid demand and higher oil prices. In addition, sales of vehicles resumed to growth, due to a rebound in exports to the US. By contrast, outbound ships tumbled (-71.8 percent), dragged by a slump global demand and a high base effect.
 
Among major trading partners, exports to China, South Korea’s largest trading partner, soared 20.8 percent, marking the 22nd straight month of growth, driven by robust memory chip sales. In addition, sales to the US went up by 1.5 percent, supported by a jump in memory chips, petrochemical goods and vehicles, offsetting weak sales of wireless communications equipment and home appliances. 

Inbound shipments increased by 9.2 percent year-on-year to USD 44.3 billion, slower than a 16.2 percent rise in a month earlier but beating market estimates of a 7.7 percent growth.

Considering the first eight months of 2018, the trade surplus narrowed sharply to USD 49.21 billion from USD 61.8 billion in the same period the prior year.
 


Ministry of Trade, Industry & Energy (MOTIE) | Chusnul Ch Manan | chusnul@tradingeconomics.com
9/3/2018 9:45:06 AM



Calendar GMT Actual Previous Consensus TEForecast
2018-07-01 12:00 AM Balance of Trade $6.3B $6.7B $ 8.8B
2018-08-01 12:00 AM Balance of Trade $7.0B $6.2B $ 6.5B
2018-09-01 12:00 AM Balance of Trade $6.9B $6.9B $ 3.3B
2018-10-01 12:00 AM Balance of Trade $6.9B $ 5.4B
2018-11-01 12:00 AM Balance of Trade $ 3.2B
2018-11-30 12:00 AM Balance of Trade $ 3.1B


South Korea Trade Last Previous Highest Lowest Unit
Balance of Trade 6900.00 6912.17 13419.36 -4043.46 USD Million [+]
Exports 51196.00 51851.67 55115.24 14.75 USD Million [+]
Imports 44296.00 44939.50 45873.33 38.61 USD Million [+]
Current Account 8757.80 7377.00 12287.50 -3756.80 USD Million [+]
Current Account to GDP 5.60 7.00 10.70 -10.50 percent [+]
External Debt 440543.60 433886.70 452718.00 80766.40 USD Million [+]
Terms of Trade 97.50 97.10 237.00 86.10 Index Points [+]
Foreign Direct Investment 10819799.00 4933728.00 10819799.00 0.00 USD Thousand [+]
Capital Flows 10449.50 4721.30 12410.40 -3385.80 USD Million [+]
Tourism Revenues 1239300.00 1348900.00 1765400.00 326500.00 USD Million [+]
Tourist Arrivals 1391727.00 1254833.00 1703495.00 213006.00 [+]
Gold Reserves 104.40 104.40 104.44 13.00 Tonnes [+]
Terrorism Index 0.61 0.23 2.62 0.00 [+]
Weapons Sales 587.00 585.00 587.00 7.00 USD Million [+]

Exports by Country  |   Exports by Category  |   Imports by Country  |   Imports by Category



South Korea Balance of Trade

Since 2009 South Korea has been recording trade surpluses due to exports growth. The country exports mainly machinery and transport equipment, oil, iron, steel and plastics while it imports oil, electrical machinery, natural gas and food. Main trading partners are: China (26 percent of total exports and 21 percent of total imports) and the United States (13 percent of exports and 10 percent of imports). Others include: Japan, ASEAN countries and Germany. This page provides the latest reported value for - South Korea Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. South Korea Balance of Trade - actual data, historical chart and calendar of releases - was last updated on September of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
6900.00 6912.17 13419.36 -4043.46 1966 - 2018 USD Million Monthly




balance of trade by Country
Country Last
Argentina -789.00 Jul/18
Australia 1551.00 Jul/18
Brazil 3774.99 Aug/18
Canada -114.30 Jul/18
China 279.10 Aug/18
Euro Area 17555.60 Jul/18
France -3490.00 Jul/18
Germany 16461.00 Jul/18
India -17390.00 Aug/18
Indonesia -1021.40 Aug/18
Italy 5676.00 Jul/18
Japan -444.59 Aug/18
Mexico -2889.20 Jul/18
Netherlands 4612.00 Jul/18
Russia 13402.00 Jul/18
Saudi Arabia 120299.00 Mar/18
Singapore 6755.10 Aug/18
South Africa -4657.00 Jul/18
South Korea 6900.00 Aug/18
Spain -3247700.00 Jul/18
Switzerland 1407.94 Aug/18
Turkey -5980.00 Jul/18
United Kingdom -111.00 Jul/18
United States -50082.00 Jul/18


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