Korea: Merchandise trade surplus shrinks in January
Latest reading: In January, the trade balance was USD +8.7 billion, following a USD +12.2 billion reading in the prior month. Over the last 12 months, the trade balance summed to USD +88.4 billion.
Merchandise exports rose 33.9% in annual terms in January, following a 13.3% rise in the prior month. January’s reading was the strongest since August 2021 and was mainly driven by robust demand for semiconductors—Korea’s top export item—which soared on strong AI-related demand. The increase was also supported by a higher number of working days compared with January last year. Merchandise imports rose 11.7% in annual terms in January, following a 4.6% increase in the prior month. January’s reading was the strongest since September 2022.