Wednesday, July 2nd, 2014
SEOUL, KOREA - Korea's June balance of trade continued a surplus for 29 consecutive months, largely thanks to the brisk sales of semiconductors and LCD panels. According to the Ministry of Trade, Industry, and Energy on July 1, the exports and imports for the month were US$47,836 million and $42,550 million, respectively, up 2.5 percent and 4.5 percent from the same month last year. The trade balance was a surplus of $5,286 million.
Although the exports to Japan, the ASEAN, the EU, and China declined, the exports to the United States made up for the shortfall by increasing 15.8 percent year on year. By item, semiconductors and LCD panels were sold well due to a rise in the demand for TVs in North America and Europe, while the sales of petrochemical products and automobiles slowed down.
The exports of LCDs rose 12.5 percent from the same month a year ago, followed by semiconductors (11.0%), mobile telecom devices (11.6%), ships (10.1%), steel products (9.8%), and petrochemical products (4.0%).
A ministry official said, "In the second half, we expect that the exports of ships and automobiles would rise further as the major economies such as the United States and the EU are recovering from the long recession. But there are still risk factors such as the uncertainty surrounding the Chinese economy, the strong won, and the instability in Iraq, which calls for further monitoring."
Source : The Korea Economic Daily
