South Korea posted a trade surplus of USD 1.63 billion in July 2023, swinging from a deficit of USD 5.05 billion in the same month a year earlier, but below market expectations of a USD 3.03 billion surplus, a preliminary reading showed. This was the second straight month of trade surplus as exports dropped less than imports. Sales shrank 16.5% yoy, the tenth consecutive month of decline and the steepest decrease since May 2020, amid weakening global demand and a fall in chip prices. Meanwhile, purchases plunged 25.4%, the sixth decline so far this year and the steepest pace since August 2009. source: Ministry of Trade, Industry & Energy (MOTIE)

Balance of Trade in South Korea averaged 1029.66 USD Million from 1966 until 2023, reaching an all time high of 13419.36 USD Million in September of 2017 and a record low of -12650.00 USD Million in January of 2023. This page provides the latest reported value for - South Korea Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. South Korea Balance of Trade - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

Balance of Trade in South Korea is expected to be -2000.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the South Korea Balance of Trade is projected to trend around 6700.00 USD Million in 2024 and -3000.00 USD Million in 2025, according to our econometric models.

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South Korea Balance of Trade



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-07-01 12:00 AM Jun $1.13B $-2.12B $2.51B $ -5.5B
2023-08-01 12:00 AM Jul $1.63B $1.13B $3.03B $2.9B
2023-09-01 12:00 AM Aug $1.63B $-0.4B $-1.3B


Related Last Previous Unit Reference
Balance of Trade 1652.41 1146.16 USD Million Jul 2023
Imports 48695.44 53091.69 USD Million Jul 2023
Exports 50347.85 54237.84 USD Million Jul 2023

South Korea Balance of Trade
South Korea is heavily dependent on international trade with the biggest trading partners including China, the US and Japan. The country has been recording consistent trade surpluses since 2008 with the exception of 2022 when the war in Ukraine increased substantially the bill for imports of oil and food.
Actual Previous Highest Lowest Dates Unit Frequency
1652.41 1146.16 13419.36 -12650.00 1966 - 2023 USD Million Monthly

News Stream
South Korea Trade Surplus Smaller than Expected
South Korea posted a trade surplus of USD 1.63 billion in July 2023, swinging from a deficit of USD 5.05 billion in the same month a year earlier, but below market expectations of a USD 3.03 billion surplus, a preliminary reading showed. This was the second straight month of trade surplus as exports dropped less than imports. Sales shrank 16.5% yoy, the tenth consecutive month of decline and the steepest decrease since May 2020, amid weakening global demand and a fall in chip prices. Meanwhile, purchases plunged 25.4%, the sixth decline so far this year and the steepest pace since August 2009.
2023-08-01
South Korea Trade Surplus Smaller than Expected
South Korea posted a trade surplus of USD 1.13 billion in June 2023, shifting from a deficit of USD 2.44 billion in the same month a year earlier, but below market expectations of a USD 2.51 billion surplus, a preliminary reading showed. This was the first trade surplus since March 2022 as exports fell less than imports. Sales fell 6% yoy, the ninth consecutive month of drop but the softest pace in eight months, amid weak sales of semiconductors. Meanwhile, purchases shrank 11.7%, the fifth decline so far this year. For the first half of the year, the country registered a deficit of USD 26.21 billion.
2023-07-01
South Korea Trade Gap Smaller than Expected
South Korea's trade deficit climbed to USD 2.1 billion in May 2023 from USD 1.53 billion in the same month a year earlier, compared with market expectations of a USD 2.53 billion gap, a preliminary reading showed. This was the first time since 1997 that the country has posted a trade deficit for 14 months in a row, as imports fell less than exports, amid weak global demand during the economic slowdown. Exports shrank 15.2% yoy, marking the eighth consecutive drop and the steepest fall in four months. Meanwhile, imports were down 14%, the fourth decline so far this year and the strongest pace since August 2020.
2023-06-01