South Korea’s trade surplus widened
slightly in May from the previous month as exports shrank at a slower pace than
imports, a government report showed Friday.
The country’s trade balance was $2.4 billion in the black last month, up from the $2.1 billion surplus tallied in April, according to the report by the Ministry of Knowledge Economy. Last month marked the fourth month in a row that the country posted a trade surplus, although trade volume contracted for the third straight month compared to the year before.
Exports came to $47.2 billion last month, down 0.4 percent on-year, with imports also contracting 1.2 percent to $44.8 billion, the report said.
“The slight decrease in exports was caused by mounting global economic uncertainties that have hurt trade across the board,” the ministry said.
While autoparts, general machinery and steel have done well, there was a sharp drop in overseas demand for ships, mobile communications equipment and petrochemicals, it added.
Overseas shipments of car parts and general machinery, which benefited from free trade agreements with the European Union and the United States, rose 11.9 percent and 10.3 percent last month vis-a-vis May 2011, while steel and automobiles gained 6.2 percent and 3.7 percent, each.
Exports of ships and mobile communication equipment plunged 17.4 percent and 35.7 percent, respectively, while petrochemicals were down 17.1 percent on-year.
(Yonhap News)
The country’s trade balance was $2.4 billion in the black last month, up from the $2.1 billion surplus tallied in April, according to the report by the Ministry of Knowledge Economy. Last month marked the fourth month in a row that the country posted a trade surplus, although trade volume contracted for the third straight month compared to the year before.
Exports came to $47.2 billion last month, down 0.4 percent on-year, with imports also contracting 1.2 percent to $44.8 billion, the report said.
“The slight decrease in exports was caused by mounting global economic uncertainties that have hurt trade across the board,” the ministry said.
While autoparts, general machinery and steel have done well, there was a sharp drop in overseas demand for ships, mobile communications equipment and petrochemicals, it added.
Overseas shipments of car parts and general machinery, which benefited from free trade agreements with the European Union and the United States, rose 11.9 percent and 10.3 percent last month vis-a-vis May 2011, while steel and automobiles gained 6.2 percent and 3.7 percent, each.
Exports of ships and mobile communication equipment plunged 17.4 percent and 35.7 percent, respectively, while petrochemicals were down 17.1 percent on-year.
(Yonhap News)
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