South Korea’s trade surplus plunged to USD 2.27 billion in May 2019 from USD 6.23 billion in the same month a year earlier and missing market expectations of a surplus of USD 5.07 billion, a preliminary data showed. This was the smallest trade surplus since January, mainly due to a slump in exports, amid weakening global demand and the prolonged Sino-US trade dispute as well as Brexit uncertainties. The latest data came in hours after US President Donald threatened to impose tariffs on all Mexican imports from June 10 in an attempt to reduce the flow of illegal migrants, prompting fears of recession in the major economies. Considering the first five months of the year, the trade surplus narrowed sharply to USD 15.6 billion from USD 25.02 billion in the corresponding period 2018. Balance of Trade in South Korea averaged 1070 USD Million from 1966 until 2019, reaching an all time high of 13419.36 USD Million in September of 2017 and a record low of -4043.46 USD Million in January of 2008.

Balance of Trade in South Korea is expected to be 6400.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in South Korea to stand at 4500.00 in 12 months time. In the long-term, the South Korea Balance of Trade is projected to trend around 5800.00 USD Million in 2020, according to our econometric models.

South Korea Balance of Trade
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Calendar GMT Actual Previous Consensus TEForecast
2019-03-01 12:00 AM Balance of Trade $3.1B $1.29B $1.5B
2019-04-01 12:00 AM Balance of Trade $5.22B $2.96B $4.9B
2019-05-01 12:00 AM Balance of Trade $4.12B $5.21B $5.4B
2019-06-01 12:00 AM Balance of Trade $2.27B $4.0B $5.07B $5.9B
2019-07-01 12:00 AM Balance of Trade S2.27B $ 6.4B
2019-08-01 12:00 AM Balance of Trade $7.4B
2019-09-01 12:00 AM Balance of Trade $6.5B



South Korea Trade Surplus Far Below Estimates in May

South Korea’s trade surplus plunged to USD 2.27 billion in May 2019 from USD 6.23 billion in the same month a year earlier and missing market expectations of a surplus of USD 5.07 billion, a preliminary data showed. This was the smallest trade surplus since January, mainly due to a slump in exports.

The latest data came in hours after President Trump threatened to impose tariffs on all Mexican imports from June 10 in an attempt to reduce the flow of illegal migrants, prompting fears of recession in the major economies.

Year-on-year, exports plummeted 9.4 percent to USD 45.91 billion in May, worse than market consensus of a 5.6 percent drop and much faster than a 2.0 percent fall in the previous month. It marked the sixth straight month of contraction in overseas sales, amid weakening global demand and the prolonged Sino-US trade dispute as well as Brexit uncertainties. Outbound shipments of semiconductors, the bellwether for the country's exports, tumbled 30.5 percent, largely due to falling prices of chips and the subdued demand for smartphone as well as a base effect. In addition, exports of petrochemical products shrank 16.2 percent, amid weaker demand from China. On the other hand, sales of ships jumped 44.5 percent. At the same time, shipments of machinery grew by 5 percent, with auto exports increasing 13.6 percent. Also, exports rose for rechargeable batteries, electric cars, and organic light-emitting diode (OLED) displays. 

Exports to China, the largest trading partner for Asia's fourth-largest economy, nosedived 20 percent, the steepest yearly fall since January 2016. Also, sales to the EU fell 12.6 percent after a slowdown in Germany's economy. In contrast, outbound shipments to the US advanced 6 percent, led by higher sales of automobiles and home appliances.

For the second half of 2019, the government expects exports to recover, supported by better prices of chips and the effects of China's economic stimulus measures.

Imports dropped unexpectedly by 1.9 pecent to USD 43.64 billion, against market estimates of a 0.4 percent growth and following an upwardly revised 2.6 percent in April. Purchases of crude oil fell 13.5 percent to 82.3 million barrels.

Considering the first five months of the year, the trade surplus narrowed sharply to USD 15.6 billion from USD 25.02 billion in the corresponding period 2018. 


Rida Husna | rida@tradingeconomics.com
6/1/2019 3:02:35 AM


News

South Korea Trade Surplus Narrows in April
South Korea’s trade surplus decreased to USD 4.12 billion in April 2019 from USD 6.16 billion in the same month a year earlier, preliminary data showed. Exports dropped by 2.0 percent year-on-year compared to market expectations of a 5.0 percent drop while imports rose 2.4 percent above forecasts a 0.3 percent increase.
Published on 2019-05-01

South Korea Trade Surplus Narrows in March
South Korea’s trade surplus decreased to USD 5.22 billion in March 2019 from USD 6.41 billion in the same month a year earlier, a preliminary data showed. Year-on-year, exports dropped by 8.2 percent to USD 47.11 billion, while imports declined 6.7 percent to USD 41.89 billion.
Published on 2019-04-01

South Korea Trade Surplus Widens Slightly in February
South Korea’s trade surplus widened to USD 3.10 billion in February 2019 from USD 2.80 billion in the same month a year earlier, a preliminary data showed. Year-on-year, exports dropped by 11.1 percent to USD 39.56 billion, while imports declined at a faster 12.6 percent to USD 36.47 billion.
Published on 2019-03-01

South Korea Trade Surplus Smallest in 5 Years
South Korea’s trade surplus narrowed sharply to USD 1.34 billion in January of 2019 from USD 3.45 billion in the same month of the preceding year, a preliminary data showed. It was the smallest trade surplus since February 2014, as exports dropped by 5.8 percent year-on-year to USD 46.35 billion, while imports declined 1.7 percent to USD 45.02 billion.
Published on 2019-02-01



South Korea Trade Last Previous Highest Lowest Unit
Balance of Trade 2271.00 4003.33 13419.36 -4043.46 USD Million [+]
Current Account 4820.00 3601.90 12409.70 -3845.00 USD Million [+]
Current Account to GDP 4.70 4.90 10.70 -10.50 percent [+]
Imports 43636.00 44826.01 48480.62 38.61 USD Million [+]
Exports 45907.00 48829.34 55115.24 14.75 USD Million [+]
External Debt 440584.60 440598.50 452718.00 80766.40 USD Million [+]
Terms of Trade 95.10 95.90 237.00 86.10 Index Points [+]
Foreign Direct Investment 3173570.00 7698151.00 10820073.00 0.00 USD Thousand [+]
Capital Flows 6183.20 2822.40 12350.90 -3406.90 USD Million [+]
Tourism Revenues 1645900.00 1107900.00 1765400.00 326500.00 USD Million [+]
Tourist Arrivals 1635066.00 1535641.00 1703495.00 213006.00 [+]
Gold Reserves 104.40 104.40 104.44 13.00 Tonnes [+]
Terrorism Index 0.29 0.61 2.62 0.00 [+]
Weapons Sales 587.00 585.00 587.00 7.00 USD Million [+]

Exports by Country  |   Exports by Category  |   Imports by Country  |   Imports by Category



South Korea Balance of Trade

Since 2009 South Korea has been recording trade surpluses due to exports growth. The country exports mainly machinery and transport equipment, oil, iron, steel and plastics while it imports oil, electrical machinery, natural gas and food. Main trading partners are: China (26 percent of total exports and 21 percent of total imports) and the United States (13 percent of exports and 10 percent of imports). Others include: Japan, ASEAN countries and Germany. This page provides the latest reported value for - South Korea Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. South Korea Balance of Trade - actual data, historical chart and calendar of releases - was last updated on June of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
2271.00 4003.33 13419.36 -4043.46 1966 - 2019 USD Million Monthly




Country Last Previous
Argentina 1131.00 Apr/19
Australia 4949.00 Mar/19
Brazil 6060.00 Apr/19
Canada -3211.20 Mar/19
China 138.34 Apr/19
Euro Area 22532.90 Mar/19
France -5324.00 Mar/19
Germany 22683.00 Mar/19
India -15330.00 Apr/19
Indonesia -2501.90 Apr/19
Italy 4625.00 Mar/19
Japan 60.40 Apr/19
Mexico 1370.00 Apr/19
Netherlands 5330.00 Mar/19
Russia 15537.00 Mar/19
Saudi Arabia 180059.00 Dec/18
Singapore 2782.79 Apr/19
South Africa -3430.00 Apr/19
South Korea 2271.00 May/19
Spain -2352600.00 Mar/19
Switzerland 1906.00 Apr/19
Turkey -2982.01 Apr/19
United Kingdom -5408.00 Mar/19
United States -50000.00 Mar/19


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