News & Notice

News & Notice
Subject S. Korea’s exports up 6.4% in Dec on year, down 5.9% for 2016 Date 2017-01-02 16:34:23

S. Korea’s exports up 6.4% in Dec on year, down 5.9% for 2016

South Korean exports rose for a second consecutive month, gaining 6.4 percent to $45.1 billion in December on year, for the first time in 26 months since October of 2014 thanks to expanded overseas shipments of machinery, petrochemical products, automobiles and medicines. 

Notably, exports of medicines and medical supplies reached a record high of $380 million, the trade data from the Ministry of Trade, Industry and Energy showed Sunday. Exports in the fourth quarter have made a turnaround in two years, adding 1.9 percent from a year earlier. 

Imports rose 7.3 percent from a year ago, to $38.1 billion in December, with a trade surplus reaching $7 billion to continue a 59-month winning streak. 

By country, exports to China expanded for a second consecutive month for the first time in 23 months, gaining $12 billion, highest since October of 2015. Exports to the Association of Southeast Asian Nations (ASEAN), China, Japan, the Commonwealth of Independent States (CIS), India, the European Union (EU), and Latin America, all have turned upwards. 

For the full 2016, Korea’s exports slipped 5.9 percent from a year-ago period, extending a two-year losing streak largely owing to sagging global demand and weak oil prices. 

The nation’s exports came to $495.5 billion last year, while its imports fell 7.1 percent on year to $405.7 billion. 

The trade surplus reached $89.8 billion last year, down slightly from $90.3 billion in 2015.

By Ko Jae-man

[ⓒ Pulse by Maeil Business News Korea &, All rights reserved]


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