South Korea Trade Surplus Widens in July
South Korea recorded a USD7.80 billion trade surplus in July of 2016, compared to a USD7.05 billion surplus a year earlier, as imports dropped more than exports, preliminary data showed.
Year-on-year, exports fell by 10.2 percent to USD41.0 billion, following a 2.7 percent fall in June and market estimates of a 4.6 percent decline. It was the fastest decrease since April.
Sales to China, the largest market for South Korean products, fell by 9.3 percent and marking the 13th straight month of decrease. Outbound shipments also declined by 14.3 percent to the US, the biggest fall since March 2013. Those to the EU countries dropped by 4.3 percent, marking the 4th straight month of fall.
Imports dropped by 14.0 percent to USD33.0 billion, after declining 8.0 percent in the preceding month. It was the 22nd straight month of drop while market expected a 9.5 percent decline
In July 2016, trade surplus stood at USD11.5 billion.
The trade balance has been in consistent surpluses since February 2012.
8/1/2016 4:12:30 AM