South Korea Balance of Trade  1966-2018 | Data | Chart | Calendar

South Korea’s trade surplus decreased to USD 7.0 billion in July of 2018 from USD 10.2 billion in the same month of the preceding year, as exports rose less than imports, preliminary data showed. In July, inbound shipments increased by 16.2 percent year-on-year to USD 44.9 billion, faster than a 10.8 percent rise in a month earlier and compared to market estimates of a 16.6 percent growth. Exports grew by 6.2 percent to USD 51.9 billion, missing consensus of a 7 percent gain and following a 0.2 percent fall in June. Considering the first seven months of 2018, the trade surplus narrowed sharply to USD 39.61 billion from USD 55.2 billion in the same period the prior year. Balance of Trade in South Korea averaged 1013.90 USD Million from 1966 until 2018, 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.

South Korea Balance of Trade
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South Korea Trade Surplus Narrows 31.4% YoY in July


South Korea’s trade surplus decreased to USD 7.0 billion in July of 2018 from USD 10.2 billion in the same month of the preceding year, as exports rose less than imports, preliminary data showed.

In July, inbound shipments increased by 16.2 percent year-on-year to USD 44.9  billion, faster than a 10.8 percent rise in a month earlier and compared to market estimates of a 16.6 percent growth.

Exports grew by 6.2 percent to USD 51.9 billion, compared to consensus of a 7 percent gain and recovering from a 0.2 percent fall in June. Sales went up for steel (34 percent); semiconductors (31.6 percent); petrochemical products (24.1 percent); and autoparts (7.2 percent). In contrast, outbound shipments declined for vehicles (-13.5 percent); and ships (-73.4 percent).

Among major trading partners, exports to China, South Korea’s largest trading partner, soared 27.3 percent, marking the 21st straight month of growth, driven by robust memory chip sales. In addition, sales to the US and Japan went up by 8.8 percent and 17.6 percent, respectively. Still, exports of cars to the US fell 2.6 percent while steel shipments tumbled 23.4 percent, reflecting import tariffs on steel. On the other hand, sales fell to the ASEAN countries (-1.6 percent) and India (-5.4 percent). 

Considering the first seven months of 2018, the trade surplus narrowed sharply to USD 39.61 billion from USD 55.2 billion in the same period the prior year.

The trade tension between China and the US is expected to affect negatively South Korea's exports to China, its biggest trading partner and major buyer of South Korean intermediate goods. 


Rida | rida@tradingeconomics.com
8/1/2018 11:40:11 AM



Calendar GMT Actual Previous Consensus TEForecast
2018-06-01 12:00 AM Balance of Trade $6.7B $6.8B $ 3.5B
2018-07-01 12:00 AM Balance of Trade $6.3B $6.7B $ 8.8B
2018-08-01 12:00 AM Balance of Trade $7.0B $6.2B $ 6.5B
2018-09-01 12:00 AM Balance of Trade $7.0B $ 3.3B
2018-10-01 01:10 AM Balance of Trade $ 5.4B
2018-11-01 12:00 AM Balance of Trade $ 3.2B


South Korea Trade Last Previous Highest Lowest Unit
Balance of Trade 7006.00 6240.39 13419.36 -4043.46 USD Million [+]
Exports 51882.00 51184.67 55115.24 14.75 USD Million [+]
Imports 44876.00 44944.29 45873.33 38.61 USD Million [+]
Current Account 7380.00 8680.60 12287.50 -3756.80 USD Million [+]
Current Account to GDP 5.60 7.00 10.70 -10.50 percent [+]
External Debt 433886.70 418823.50 452718.00 80766.40 USD Million [+]
Terms of Trade 97.10 97.50 237.00 86.10 Index Points [+]
Foreign Direct Investment 10820000.00 4934000.00 10820000.00 0.00 USD Thousand [+]
Capital Flows 4721.30 6862.30 12748.40 -3385.80 USD Million [+]
Tourism Revenues 1348900.00 1278700.00 1765400.00 326500.00 USD Million [+]
Tourist Arrivals 1282093.00 1238021.00 1703495.00 213006.00 [+]
Gold Reserves 104.40 104.40 104.44 13.00 Tonnes [+]
Terrorism Index 0.61 0.23 2.62 0.00 [+]
Weapons Sales 587.00 585.00 587.00 7.00 USD Million [+]

Exports by Country  |   Exports by Category  |   Imports by Country  |   Imports by Category



South Korea Balance of Trade

Since 2009 South Korea has been recording trade surpluses due to exports growth. The country exports mainly machinery and transport equipment, oil, iron, steel and plastics while it imports oil, electrical machinery, natural gas and food. Main trading partners are: China (26 percent of total exports and 21 percent of total imports) and the United States (13 percent of exports and 10 percent of imports). Others include: Japan, ASEAN countries and Germany. This page provides the latest reported value for - South Korea Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. South Korea Balance of Trade - actual data, historical chart and calendar of releases - was last updated on August of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
7006.00 6240.39 13419.36 -4043.46 1966 - 2018 USD Million Monthly




balance of trade by Country
Country Last
Australia 1873.00 Jun/18
Brazil 4227.00 Jul/18
Canada -625.50 Jun/18
China 280.50 Jul/18
Euro Area 22509.60 Jun/18
France -6248.00 Jun/18
Germany 21792.00 Jun/18
India -18020.00 Jul/18
Indonesia -2030.30 Jul/18
Italy 5071.00 Jun/18
Japan -231.21 Jul/18
Mexico -897.00 Jun/18
Netherlands 4813.00 Jun/18
Russia 15555.00 Jun/18
South Korea 7006.00 Jul/18
Spain -2153628.00 May/18
Switzerland 1154.26 Jul/18
Turkey -5496.69 Jun/18
United Kingdom -1861.00 Jun/18
United States -46348.00 Jun/18


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