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S. Korea’s trade surplus hits record high in June

by ChemOrbis Editorial Team -
  • 01/07/2015 (16:15)
According to data from South Korea’s Ministry of Trade, Industry and Energy, the country’s trade surplus hit a record high in June due to a steeper decline in imports compared with exports. Exports decreased 1.8% on the year to $46.947 billion while imports fell 13.6% to $36.704, bringing the trade surplus to a record high of $10.243 billion 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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