Business & Economy

South Korea’s trade surplus declines 54% year-on-year in August

Seoul, Sep 1 (EFE).- South Korea recorded a trade surplus of $1.67 billion dollars in August, 54 percent less compared to the same month of 2020, the government reported Wednesday.

August was the 16th consecutive month that Asia’s fourth largest economy posted a trade surplus.

South Korea’s exports increased 35 percent in August to around $53.2 billion owing to strong demand for chips and automobiles, the Ministry of Trade, Industry and Energy said in a statement.

In turn, imports stood at $51.5 billion, 44 percent more than in August 2020.

The data is in line with analysts’ expectations.

Chip exports were the main driver once again, growing by 43 percent to about $11.7 billion.

The ministry attributed the increase to an expansion of servers in major data centers and the launch of new mobile phones.

Meanwhile, automobile exports rose 17 percent from a year ago to reach a value of $3 billion despite problems faced by the auto industry due to shortages in supply of automotive chips.

South Korea’s exports to China, its main trading partner, grew by 26 percent in August to $13.8 billion for a trade surplus of about $2.14 billion.

South Korea also posted a surplus of $1.49 billion with the United States, its second largest trading partner, in August.

With the European Union, the Asian country had a deficit of $160 million despite a year-on-year growth of 41.6 percent in exports to the bloc to reach $5.04 billion. EFE


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