July 7, 2020

South Korean trade surplus fell 6.09% in June



South Korea’s trade surplus fell 6.09% yoy to $ 3,666 million (about € 3,261 million) in June, due to the effects of the pandemic.

The value of exports from Asia’s fourth economy fell 10.9% compared to June 2019 to 39,213 million dollars (34,884 million euros), according to data published today by the South Korean Customs Office.

This marks the fourth consecutive month of year-on-year declines for the main breadwinner of South Korean gross domestic product (GDP).

However, thanks to the fact that many economies have already resumed activity, the drop was less than that registered in May and April, the month in which South Korea reaped its first trade deficit in 98 months.

In turn, imports fell by 11.4% in relation to the same month of the previous year to add up to 35,547 million dollars (31,623 million euros)

Among the goods that have suffered the most from the effects of the pandemic were automobiles or petrochemical products, of which South Korea exported 33.2% and 11.8% yoy less in June, respectively.

Exports to China, South Korea’s main trading partner, in fact increased by 9.5% compared to June 2019 thanks to the fact that the Asian giant has resumed activity almost at full throttle.

However, shipments to the United States and the European Union, second and third trading partner of the fourth Asian economy, decreased by 8.3% and 17% year-on-year, respectively.

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