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South Korea posts $10.3 billion in trade surplus in July

Staff Writer | August 14, 2017
South Korea's economy posted $10.3 billion in trade surplus last month thanks to a double-digit increase in exports, customs data showed.
South Korea trade surplus
Asia   Raw material imports advanced 10.7 percent in Korea
Revised figure for exports, which account for about half of the economy, advanced 19.5 percent over the year to 48.8 billion dollars in July, according to the Korea Customs Service.

Imports gained 15.5 percent to $38.6 billion in the same period. The double-digit expansion in exports was led by solid demand for semiconductors, of which exports jumped 60.9 percent.

Ship exports more than tripled last month, but those for telecommunication devices, including smartphones, posted a double-digit decline on rising production in overseas factories.

Exports to China and the United States, South Korea's top two trading partners, increased 6.6 percent and 7 percent each, with those to the European Union and Vietnam logging a double-digit growth.

Raw material imports advanced 10.7 percent on higher commodity prices, while imports for consumer and capital goods jumped 21.8 percent and 19.3 percent each last month.