South Korea Trade Surplus Narrows over a Year Earlier

In February of 2014, South Korean trade surplus decreased for the second straight month to USD 926 million, down from USD 1.9 billion a year earlier. Sales in January and February usually show volatility due to the Lunar New Year holidays.

Exports gained 1.6 percent on the year to USD 42.98 billion, after dropping by 0.2 percent in January. 

Sales to the EU surged 10.6 percent, sales to the Asean countries jumped 15.1 percent and those to China rose 3.8 percent year-on-year. In contrast, exports to Latin American countries and the US fell 11.9 percent and 6.7 percent, respectively. 

By product, exports of mobile communications devices increased 34.5 percent on the year and those of automobiles rose 9.1 percent. Shipments of petroleum products, on the other hand, shrank by 15.4 percent, mainly due to a fall in prices

Imports surged 4 percent on an annual basis to USD 42 billion.

South Korea Trade Surplus Narrows over a Year Earlier

Joana Taborda |
3/3/2014 12:03:46 PM