South Korea's trade surplus plunged to USD 1.72 billion in August 2019 from USD 6.82 billion in the same month a year earlier, a preliminary data showed. This was the smallest trade surplus since January, as exports tumbled 13.6 percent amid deteriorating external conditions, including the US-China trade tensions and disputes with Japan. Meanwhile, imports slumped 4.2 percent. Considering the first eight months of 2019, the trade surplus narrowed sharply to USD 23.16 billion from USD 44.81 billion in the corresponding period the prior year. Balance of Trade in South Korea averaged 1076.91 USD Million from 1966 until 2019, reaching an all time high of 13419.36 USD Million in September of 2017 and a record low of -4043.46 USD Million in January of 2008.
Balance of Trade in South Korea is expected to be 8500.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in South Korea to stand at 7100.00 in 12 months time. In the long-term, the South Korea Balance of Trade is projected to trend around 5800.00 USD Million in 2020, according to our econometric models.