EU trade in goods with South Korea in surplus for second yearStaff writer ▼ | September 14, 2015
The European Union (EU) trade balance with South Korea, which had constantly been in deficit from 2004 to 2012, has turned into a surplus for the last two years, Eurostat said.
Trade EU exports to South Korea has more than doubled
Meanwhile, imports show a more varied trend over this 10-year time period. In 2014, they amounted to 39 billion euros, up by 9 percent compared with 2013 but still below the peak reached in 2007.
As a result, EU trade surplus with South Korea stood at 4.1 billion euros in both 2013 and 2014.
The surplus is mainly driven by primary goods and chemicals, while the EU recorded a deficit for machinery and vehicles, according to Eurostat.
Among the EU Member States, Germany was the largest EU trading partner with South Korea for both exports and imports.
Last year, Germany exported 15.7 billion euros of goods to South Korea and imported 6.8 billion euros of goods from South Korea.
Accounting for around 2.5 percent of total extra-EU trade in goods, South Korea is the eighth most important EU trading partner, just behind Japan and ahead of India, said the Eurostat. ■