South Korea's Ministry of Trade, Industry and Energy

South Korea's Trade Surplus Reaches $8 Billion in June Amid 5.1% Export Rise, -7.5% Import Drop

Jul 1, 2024, 12:00 AM

South Korea's trade balance for June recorded a surplus of $8.00 billion, significantly surpassing the forecasted $5.7 billion and the previous month's $4.86 billion. This improvement in trade balance was driven by a 5.1% year-on-year rise in exports, exceeding the estimated 4.4% increase but lower than the previous month's 11.7% growth. Meanwhile, imports saw a substantial year-on-year decline of 7.5%, which was worse than the forecasted -4.7% and the previous month's -2.0%. These figures indicate a mixed economic performance for South Korea, with strong export growth but a notable decrease in imports.