South Korean trade surplus amounts $2.98 billion

South Korean trade surplus amounts $2.98 billion

South Korean trade surplus reached $2.98 billion in July, according to the statement made by the Ministry of Commerce, Industry and Energy (MOCIE) on Sunday. The ministry's statistics show that exports increased by 38.4% from a year earlier in July to $21.4 billion while imports were recorded as $18.4 billion, up by 23.3%. MOCIE expects trade surplus to reach $20 billion this year, as the accumulated trade surplus between January and July has already amounted to $18.3 billion. The strong trade surplus is attributed to the robust export growth. Export growth in some areas is expected to slowdown, but overall export growth will remain strong. China is still Korea's largest export market, accounting for 42.2% of total exports. Exports to Japan took 35.6%, the US 29.7% and the EU 19.1% of the total export volume. Meanwhile, steel imports rose by 57.4% last month. Furthermore, the ministry forecasts facilities investment to rise in the third quarter, as machinery imports increased by 33.3%.