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South Korea posts trade surplus in May

Christian Fernsby ▼ | June 15, 2020
South Korea managed to post trade surplus in May after recording deficit in the previous month, customs office data showed Monday.
South Korea street
Surplus   South Korea street
Revised trade surplus amounted to 450 million U.S. dollars in May, turning around from a deficit of 1.6 billion dollars in April, according to the Korea Customs Service.

Topics: Korea

Export, which takes up about half of the South Korean economy, tumbled 23.6 percent from a year earlier to 34.9 billion dollars in May, while import slumped 21.0 percent to 34.45 billion dollars.

Trade across the world sharply weakened as the COVID-19 outbreak caused worry about a global economic slump.

The country's semiconductor export grew 6.5 percent, but those for oil products, automobiles, auto parts, consumer electronics and telecommunication devices all declined in double digits.

Demand for locally-made chips rebounded in double figures from China and the United States, South Korea's top two trading partners.

Export to China fell 2.4 percent, and those to the United States, the European Union (EU), Vietnam, Japan and the Middle East tumbled in double digits last month.