South Korea logged close to $6 billion in trade surplus in June, extending the surplus for 17 consecutive months. Korea’s exports dropped 3.4 percent month-onmonth (mom), or one percent year-on-year (yoy), to $46.7 billion in June, according to data published by the Korea Customs Service Sunday. Imports declined 4.1 percent mom, or three percent yoy, to $40.7 billion last month.
The imports fell more rapidly than exports did, sending trade balance to a $5.9 billion surplus in June. As a result, the nation logged a trade surplus for the 17th month since February last year.
The nation’s trade volume that combines both imports and exports totaled $533.2 billion in the first half (H1) this year. While trade volume edged down\ 1.1 percent yoy, trade balance surged 84.1 percent from $10.9 billion of the same period last year.
Exports to the Middle East (23.1 percent) and Japan (17 percent) decreased, but those to the European Union (13 percent), US (5.7 percent) and China (5.3 percent) increased.
Imports of gas, lumber and bunker C fuel oil jumped on a yearly basis, but those of crude oil, coal and steel raw materials fell. Consequently, the overall imports of raw materials slid 6.5 percent. In contrast, imports of consumer goods and capital goods climbed 2.1 percent and three percent respectively.
Cumulative exports inched up 0.6 percent yoy to $276.6 billion in H1 this year, whereas cumulative imports fell 2.8 percent yoy to $256.6 billion.