S. Korea’s trade surplus hits record high in June
The data showed that exports of telecommunication devices rose 17.9% while exports for steel and autos also climbed 7.6% and 6.5%, respectively. However, exports of oil and petrochemical products declined due to higher crude prices.
In the first six months of the year, meanwhile, South Korea’s exports slipped 5% on the year to $269 billion while imports tumbled 15.6% to reach $222.3 billion compared with the same period of last year. The six-month trade surplus reached $46.7 billion from $19.9 billion in the same period of the last year, accordingly.
In the January- June period, the country’s exports to China declined as the Chinese government decided to adopt a domestic demand-oriented policy while South Korea’s exports to Japan also declined because of the sagging yen against the US dollar.
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