South Korea Trade Surplus Shrinks in August
South Korean trade surplus declined to USD 3.40 billion in August of 2014 from USD 4.72 billion a year earlier as imports rose, while exports went down slightly.
Exports fell 0.1 percent to USD 46.28 billion in August of 2014 from a year earlier, due to fewer working days in 2014. The fall was also attributed to a large drop of automobile exports (-16.9 percent yoy) and sales of auto-parts (-9.6 percent), both accounting for around 14 percent of total exports.
Exports to the US grew 7.1 percent yoy and those to the European Union countries rose 9.7 percent. In contrast, shipments to China, the top destination market for South Korean products, and to Japan fell by 3.8 percent and 8.0 percent respectively in August of 2014.
Imports amounted to USD 42.87 billion in August of 2014, a 3.1 percent gain from August of 2013, largely due to a sharp increase of raw materials purchases, including oil. Imports of crude oil accelerated to 19.4 percent yoy while inbound shipments of petroleum products increased 11 percent.
In July of 2014, the country posted a revised USD 2.4 billion trade surplus.
9/1/2014 10:26:59 AM