South Korea Balance of Trade

South Korea's trade surplus increased to USD 5.61 billion in November 2024 from USD 3.56 billion in the same month a year earlier, above market forecasts of USD 5.15 billion, preliminary estimates showed. It was the 18th month of surplus, as exports grew while imports fell. Sales rose 1.4% year-on-year to USD 56.35 billion, the 14th consecutive month of expansion but the softest pace in the sequence, easing from a 4.6% rise in October and below forecasts of a 2.8% gain, as shipments to the US and China fell amid tariff uncertainty. Meanwhile, imports unexpectedly dropped 2.4% from a year earlier to a five-month low of USD 50.74 billion, the first decline in five months, missing market forecasts of a 0.4% rise, reversing from a 1.7% growth in the previous month, due to a due to a plunge in crude oil imports (-16.8%). Considering January to November, the country posted a US 45.2 billion surplus.