Korean import growth exceeds export increase
The Ministry of Commerce, Industry and Energy (MOCIE) said that South Korea's imports grew by 33.3% from a year earlier in August, faster than the 29.3% growth recorded in exports. However, this reduced the country's trade surplus to $1.8 billion last month. Trade surplus was recorded as $2.98 billion in July. In August, exports amounted to $19.88 billion, down from $21.04 billion registered in July while imports reached $18.04 billion. MOCIE officials stated that the decline in exports is due to seasonal factors. Exports are not expected to regress in the coming months. Exports are predicted to be strong this year, but due to soaring imports, trade surplus will be smaller than estimated. Due to the rise in crude oil prices, raw material imports increased by 40.2% from a year earlier last month. At the same time, imports of capital goods surged by 39.1% in the mentioned period. Foreign sales of automobiles and auto parts jumped by 59.4% last month over July. Exports of consumer goods grew by 3.5%. China was the biggest importer of Korean goods with $2.44 billion. However, Korean exports to the EU showed a strong growth last month with a 41% rise.