According to the data released by the Export and Import Division of South Korea's Ministry of Knowledge Economy (MOTIE), the country's trade balance indicated a $6.3 billion surplus in May this year, indicating the biggest year-on-year decline of the year due to falling unit prices of major products and fewer working days. Meanwhile, in the first five months this year, the surplus in South Korea's trade balance amounted to $36.46 billion, compared to $14.53 billion registered in the same period of the previous year.
In May, South Korea's export value decreased by 10.9 percent year on year to $42.4 billion, while its overall import value declined by 15.3 percent from a year earlier to $36.1 billion. In the given month, the highest increase was seen in mobile telecom equipment and computer exports, while the biggest decrease was in import of petroleum products, home appliances and ships, both year on year. On country and region basis, in May South Korea's exports to most regions except Hong Kong and Vietnam decreased and the highest decreases were seen in the CIS (-71.4 percent), ASEAN (-16.7 percent) and Japan (-13.2 percent), all on year-on-year basis.
Meanwhile, to secure mid- and long-term export competitiveness, the South Korean government is preparing a comprehensive package of measures by the end of June through an in-depth analysis of export trends and structural changes in overseas shipments in cooperation with relevant research institutions.