South Korea posts trade surplus for 78 months to July

Published: August 16, 2018 13:22:19 | Updated: September 01, 2018 13:36:41


South Korean economy posted trade surplus for 78 months to July due mainly to strong demand for locally-made semiconductors and oil products, customs office data showed Thursday.

Revised figure for trade surplus was 6.9 billion US dollars in July, staying in the black since February 2012, according to the Korea Customs Service.

Export, which accounts for about half of the export-driven economy, gained 6.2 per cent over the year to 51.8 billion dollars, while import advanced 16.4 per cent to 44.9 billion dollars.

The export growth was driven by demand for semiconductor and oil product, of which exports jumped 31.1 per cent and 45.4 per cent, respectively.

Auto parts shipment rose 6.6 per cent, but those for automobiles and ships posted a double-digit reduction, reports Xinhua.

Exports to China and the United States, South Korea's top two trading partners, grew 27.3 per cent and 8.8 per cent each, with those to the European Union (EU) and Vietnam expanding 7.1 per cent and 7.7 per cent, respectively.

Crude oil import surged 63.2 per cent last month amid higher global oil price, sending raw material import jumping 31.8 per cent.

Import of consumer and capital goods increased 8.1 per cent and 1.0 per cent each in July.

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