South Korea's trade surplus narrowed to USD 0.62 billion in January 2020 from USD 1.04 billion in the same month of the previous year, preliminary data showed. This was the smallest trade surplus in seven years, as exports tumbled 6.1 percent from a year earlier to USD 43.3 billion, amid fewer working days due to the Lunar New Year holidays and worsening sentiment over the new coronavirus. Sales dropped for secondary batteries (-13.5 percent) and chips (-3.4 percent). By destination, exports went down to the Middle East (-9.9 percent) and the EU (-16.2 percent). Imports fell 5.3 percent to USD 42.7 billion, led by the declines in bituminous coal, semiconductor manufacturing equipment, and gasoline passenger vehicles.
Balance of Trade in South Korea averaged 1094.82 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. 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. source: Ministry of Trade, Industry & Energy (MOTIE)
Balance of Trade in South Korea is expected to be 4500.00 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 5800.00 in 12 months time. In the long-term, the South Korea Balance of Trade is projected to trend around 5800.00 USD Million in 2021, according to our econometric models.