South Korea returned to a commerce surplus in June after 15 consecutive months of deficits, as a decline in exports moderated considerably.
Exports fell 6.0% from a yr earlier, to $54.24 billion, following a 15.2% drop in Might, in keeping with preliminary knowledge launched by the nation’s commerce ministry on Saturday. The median market forecast was for a 4.0% contraction in June.
Imports dropped 11.7% from a yr earlier, to $53.11 billion in June, leading to a commerce surplus of $1.13 billion. That ended a streak of month-to-month deficits since March 2022.
Shipments of ships and automobiles rose 99% and 58%, respectively, from a yr earlier in June whereas these of laptop chips fell 28% on yr, the commerce knowledge confirmed.
Exports to China declined 19% on yr in June, slower than a 21% drop in Might, the info confirmed.