South Korea Balance of Trade

South Korea recorded a USD11.60 billion trade surplus in June of 2016, compared to a USD9.98 billion surplus a year earlier. It was the largest trade surplus on record as imports dropped more than exports, preliminary data showed. Year-on-year, exports fell by 2.7 percent, the slowest decline in a year, to USD45.3 billion. Imports dropped by 8.0 percent to USD33.70 billion while market expected a 9.5 percent decline. In May 2016, trade surplus stood at a marginally revised USD7.0 billion. The trade balance has been in consistent surpluses since February 2012. Balance of Trade in South Korea averaged 771.02 USD Million from 1966 until 2016, reaching an all time high of 11600 USD Million in June of 2016 and a record low of -4043.45 USD Million in January of 2008. Balance of Trade in South Korea is reported by the Ministry of Trade, Industry & Energy (MOTIE). 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.