South Korea Trade Surplus Widens in March


South Korea posted a $3.36 billion trade surplus in March of 2013. While exports posted a slight gain on the back of strong demand from emerging economies and robust sales of IT products, imports declined mainly due to a sharp fall in consumer goods. The country's trade balance has been in surplus since February of 2012.

Exports rose 0.4 percent year on year to $47.5 billion while the average value of total exports gained 4.8 percent to $2.11 billion. Although outbound shipments of wireless communications devices and petrochemicals showed positive growth, exports of ships and steel continued to decline. Wireless communications devices enjoyed double-digit growth thanks to brisk sales of strategic mobile phones and a low base effect from the previous year. Equipped with new operational facilities, petrochemicals exports also gained from enhanced production capacity. China and the ASEAN region posted modest growth for the month.

Meanwhile imports on the whole fell 2.0 percent from a year earlier to $44.14 billion. The average value of all imports per day rose 2.3 percent to $1.96 billion. Despite rising demand for gas and petroleum products, inbound shipments of raw materials declined 0.4 percent due to a drop in shipments of coal and crude oil. Imports of capital goods and consumer goods fell 0.1 percent and 18.3 percent, respectively. Imports from the United States and Japan saw declines.

 

Ministry of Knowledge Economy | Joana Taborda | joana.taborda@tradingeconomics.com
4/2/2013 10:10:42 AM