Korea Records New Trade Surplus High
D-Bo , Nov. 3, 2014, 9:56 a.m.
Exports soared to a record in October powered by robust shipments to the U.S., as did the nation's balance of payments with the 33rd consecutive monthly surplus. The Ministry of Trade, Industry and Energy on Saturday said exports totaled US$51.76 billion in October, up 2.5 percent from the same period a year ago. The previous record was in October 2013 at $50.48 billion.
Outbound shipments to the U.S. rose around 25 percent leading the increase. Kwon Pyung-oh at the ministry said exports to the U.S. soared as demand increased ahead of the Thanksgiving and Christmas holidays amid the U.S. economic recovery."
Exports to China also rose 3.7 percent, up for a second month. But shipments to Japan fell around seven percent on-year due to the weak yen. Korea's imports last month fell around three percent on-year, so the trade balance soared to a record $7.50 billion.
It remains to be seen whether the upward trend will continue, said Shin Seung-kwan at the Korea International Trade Association. "The U.S. economy is coming back to life, but the European economy is slowing down and the weak yen is eroding the cost competitiveness of Korea's exports," he warned.