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S.Korea posts trade surplus for 60 months through January

Xinhua, February 15, 2017 Adjust font size:

South Korea's economy posted trade surplus for 60 months through January thanks to a double-digit growth in exports, which account for about half of the economy, customs data showed Wednesday.

Revised figure for trade surplus reached 2.8 billion U.S. dollars in January, staying in the black since February 2012, according to Korea Customs Service (KCS).

Exports increased 11.2 percent from a year earlier to 40.3 billion dollars, while imports soared 19.7 percent to 37.5 billion dollars.

Overseas shipment in oil products and semiconductors surged 66.3 percent and 41.5 percent respectively, leading the January export expansion.

Ship exports tumbled 17.9 percent, while shipments of telecommunication devices such as smartphones declined 26.6 percent as negative effect continued from Samsung Electronics' discontinuation of Galaxy Note7.

Exports to China, the European Union (EU) and Japan logged the double-digit growth last month, but those to the United States dipped 1.9 percent.

Imports of consumer goods rose on solid demand for winter clothing and home appliances, with those for capital goods growing on demand for chips and tech products. Enditem