South Korea trade surplus widens in MayStaff writer ▼ | June 2, 2016
South Korea recorded a $7.10 billion trade surplus in May of 2016, compared to a $6.30 billion surplus a year earlier, as imports dropped more than exports, preliminary data showed.
Asia Korean imports dropped faster than estimated
It was the 17th straight month of decline and the smallest drop since November 2015. Outbound shipments fell for: semiconductors (-4.1 percent year-on-year), cars (-7.1 percent), auto parts (-2.7 percent) and ships (-16.6 percent).
Sales to China, the largest market for South Korean products, fell by 9.1 percent and marking the 11th straight month of decrease. In contrast, exports were up 0.7 percent to the US.
Imports dropped faster than estimated by 9.3 percent to $32.27billion in May. It was the 20th straight month of fall and the smallest decline since December 2014.
In April 2016, trade surplus stood at an upwardly revised $8.80 billion. The trade balance has been in consistent surpluses since February 2012. ■