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S.Korea posts trade surplus for 55 months

Xinhua, September 13, 2016 Adjust font size:

South Korean economy posted trade surplus for 55 straight months through August due to the first rebound in exports for 20 months, customs data showed on Tuesday.

Revised figure for trade surplus reached 5.1 billion U.S. dollars in August, staying in the black for the 55th consecutive month, according to the Korea Customs Service.

Exports, which account for about half of the export-driven economy, grew 2.6 percent from a year earlier to 40.1 billion dollars, ending the 19th consecutive month of reduction through July.

Imports edged up 0.7 percent over the year to 35 billion dollars last month.

By item, ship exports surged 93.8 percent on the back of high value-added vessel orders won by local companies.

Shipments of semiconductors, steel products and auto parts increased 2.4 percent, 6.2 percent and 3.1 percent each, but those for cars, oil products and display panels posted a double-digit decline.

Exports to Japan expanded 7.2 percent in August from a year ago, but those to China and the United States, South Korea's top two trading partners, slumped 5.3 percent and 4.7 percent respectively.

Raw material imports slipped 5.2 percent amid lower commodity prices, but those for consumer and capital goods increase 7.8 percent and 5.9 percent each. Endit