SEJONG– South Korea’s trade remained in the black for 69 straight months on the back of rising global demand for locally made goods, customs data showed Wednesday.
The country posted US$7.14 billion in trade surplus in October, contracting from a surplus of $13.4 billion tallied a month earlier, according to the data by the Korea Customs Service.
Asia’s fourth-largest economy has enjoyed a monthly trade surplus since February 2012.
It logged $6 billion in trade surplus with Southeast Asian countries last month, including a surplus with Vietnam worth $2.3 billion, while it posted an excess of $4.66 billion in trade with China, its largest trading partner.
Trade with the United States recorded a surplus of $1.29 billion, down from $1.86 billion recorded a year ago, amid the Seoul government’s efforts to reduce the goods trade imbalance with the world’s largest economy.
The country’s exports have been on an upside cycle since November last year on the back of growing overseas demand for Korean-made semiconductors, petrochemical products and vehicles.
In October, exports rose 7.1 percent on-year to $45 billion, while imports also added 7.9 percent on-year to $37.8 billion.
Source: Yonhap News Agency