South Korea Posts Largest Trade Surplus Since 2020

2024-07-01 00:07 By Chusnul Chotimah 1 min. read

South Korea's trade surplus widened sharply to USD 8 billion in June 2024 from USD 1.26 billion in the same month a year earlier, far above market expectations of USD 5.24 billion, preliminary estimates showed.

It was the 13th month of surplus and the largest trade gain since September 2020, as exports grew while imports dropped.

Sales rose 5.1% yoy, the ninth consecutive month of expansion but the smallest increase in three months, as the fewer days for shipment compared to the same month last year.

Meanwhile, imports shrank 7.5%, compared to forecasts of a 2.2% fall, after a 2.0% drop in May.

In the first half of 2024, the country posted a surplus of USD 23.1 billion, marking the highest amount since USD 31.1 billion recorded during the same period in 2018, with exports rising 9.1% while imports shrank 6.5%.



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