South Korea Trade Surplus Widens in August on Rising Exports


In August of 2013, South Korean trade surplus increased to 4.9 billion USD, from 1.95 billion USD a year earlier, boosted by higher smartphone sales to the US.

In August, exports posted the highest annual growth rate since January and rose 7.7 percent to 46.4 billion USD. Shipments to the US rose an annual 17.9 percent, while exports to China and Southeast Asia increased 12.8 percent and 15.6 percent on-year, respectively. In contrast, shipments to Japan and the EU shrank by 13.2 percent and 8.8 percent, respectively.

By product, shipments of cars and mobile devices, surged 43.9 percent and 25.9 percent respectively, yoy. Exports of ships and home appliances rose around 26 percent each.

Imports recorded the second consecutive annual increase and grew 0.88 percent in August to 41.5 billion USD.

South Korea Trade Surplus Widens in August on Rising Exports


Joana Taborda | joana.taborda@tradingeconomics.com
9/2/2013 11:39:47 AM