S, Korean exports keep falling, trade surplus hits record

By Park Sae-jin Posted : December 1, 2015, 13:31 Updated : December 1, 2015, 13:31

[AJU NEWS DB]



South Korean exports fell for an 11th straight month in November over a year earlier, but policymakers breathed a sigh of relief to see that the November exports fell at the slowest pace since July.

Largely due to low oil prices, exports fell 4.7 percent on-year to $44.43 billion in November while imports dropped 17.6 percent to $34.07 billion, trade ministry data showed on Tuesday. The trade surplus surged to $10.36 billion in November from a revised $6.7 billion surplus in October, the biggest surplus on record.

South Korean trade ministry officials said the nation’s exports may see a turnaround once oil and raw material prices stabilize.

They also say the ratification of a free trade pact with China will help boost exports next year.

The bilateral free trade agreement (FTA), signed on June 1 and now passed by the National Assembly, will make the country’s largest trading partner China more accessible to local businesses

South Korean exports to China fell 6.8 percent in November from a year earlier, declining for a fifth straight month, trade ministry estimates showed on Tuesday.

Exports to the United States fell 12.4 percent while shipments to the European Union soared 52.5 percent, the estimates showed.

The statement added December exports face a higher chance of being worse than November on poor performance of key export products, like semiconductors.


By Alex Lee

 
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