South Korea posts trade surplus for 94 months

SEOUL (Xinhua) – South Korea posted trade surplus for 94 straight months through November despite the continued fall in export, customs office data showed yesterday.

The revised figure for trade surplus reached USD3.3 billion in November, staying in the black for 94 months since February 2012, according to Korea Customs Service.

Export, which takes up about half of the export-driven economy, declined 14.4 per cent over the year to USD44.1 billion last month, while import dived 13.0 per cent to USD40.7 billion.

Chip export plummeted 30.9 per cent amid the remaining downturn of business cycle in the global semiconductor industry.

Oil product export reduced 12.2 per cent on cheaper crude oil, and shipment of telecommunication devices such as smartphone retreated 4.6 per cent in the month.Display panel shipment dropped 52.2 per cent, but those for automobiles and consumer electronics rose 0.4 per cent and 4.4 per cent respectively.

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

File photo of the Seoul skyline. Official data yesterday show that South Korea posted trade surplus for 94 straight months through November despite the continued fall in export