South Korea Trade Surplus Widens to 5-Month High
In April of 2014, South Korean trade surplus increased to USD 4.46 billion, up from USD 4.16 billion in the previous month and USD 2.5 billion a year earlier, as exports recorded the highest annual increase in fifteen months.
Exports rose 9 percent on the year to USD 50.32 billion, following a revised 5.1 percent gain in March, the strongest expansion since a 10.9 percent annual rise in January of 2013.
Sales to the US surged 19.3 percent year-on-year, stronger than the previous month’s 16.9 percent, while shipments to China slowed to 2.4 percent from a 4.4 percent growth rate in March.
Chip exports increased 12.3 percent on year in April; telecommunication devices surged 14.4 percent; auto exports jumped 18.9 percent and sales of oil and steel products jumped 17.2 percent and 16.8 percent respectively. In contrast, exports of LCD fell 8.6 percent.
Imports grew 5 percent year-on-year to USD 45.85 billion, due to higher demand of oil (+4.4 percent yoy) and steel (+6.5 percent yoy).
5/1/2014 10:42:15 AM