Korea: Exports contract again in December, trade surplus widens on greater import decline
January 14, 2016
In December, exports totaled USD 42.5 billion, according to the Korea Customs Services. The reading represented a 14.1% year-on-year decrease, marking the 12th consecutive decline (November: -4.9% yoy).
Meanwhile, imports totaled USD 35.5 billion in December, which was above the 34.1 billion recorded in November. The reading marked a substantial 19.2% annual decline (November: -17.6% yoy) and was the 12th straight double-digit contraction.
The trade balance widened in December compared to the same month last year. The trade surplus came in at USD 7.0 billion in December, which was larger than the USD 5.6 billion surplus registered in the same month of 2014. However, the December trade surplus was smaller than the USD 11.3 billion surplus registered in November. In the 12 months up to December, the trade surplus reached USD 90.4 billion (November: USD 88.9 billion surplus).
Author: Carl Kelly, Economist