Business
2019.12.16 17:12 GMT+8

S.Korea posts trade surplus for 94 months

Updated 2019.12.16 17:12 GMT+8
CGTN

South Korea posted a trade surplus in November for the 94th straight month, despite a continued fall in exports, customs office data showed Monday.

The revised surplus reached 3.3 billion U.S. dollars last month, meaning the trade balance has stayed in the black since February 2012, according to the Korea Customs Service.

Exports, which take up about half of the export-driven economy, declined 14.4 percent over the year to 44.1 billion U.S. dollars last month, while imports dived 13.0 percent to 40.7 billion U.S. dollars.

Chip exports plummeted 30.9 percent amid the prevailing downturn in the business cycle in the global semiconductor industry.

Oil product exports declined 12.2 percent on cheaper crude oil, and shipment of telecommunications devices such as smartphones retreated 4.6 percent in the month.

Display panel shipments dropped 52.2 percent, but those for automobiles and consumer electronics rose 0.4 percent and 4.4 percent respectively.

Exports to China and the United States, South Korea's top two trading partners, dived 12.3 percent and 8.3 percent each, with those to the European Union and Japan sliding 21.9 percent and 11.0 percent respectively.

Source(s): Xinhua News Agency
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