Korea, Republic of

In 2013, the value of merchandise exports of the Republic of Korea increased slightly by 2.1 percent to reach 559.6 bln US$, while its merchandise imports decreased slightly by 0.8 percent to reach 515.6 bln US$ (see graph 1, table 2 and table 3). The merchandise trade balance widened to a new high of 44.0 bln US$ in 2013 as its exports grew at a steady rate while imports dwindled (see graph 1). The largest merchandise trade balance was with MDG Western Asia at -90.3 bln US$ (see graph 4). Merchandise exports in the Republic of Korea were diversified amongst partners; imports were also diversified. The top 20 partners accounted for 80 percent or more of exports and 18 partners accounted for 80 percent or more of imports (see graph 5). In 2012, the value of exports of services of the Republic of Korea increased substantially by 16.4 percent, reaching 110.9 bln US$, while its imports of services increased moderately by 7.0 percent and reached 108.2 bln US$ (see graph 2). There was a relatively small trade in services surplus of 2.7 bln US$, which is the first trade in services surplus recorded from 2000 to 2012.

Related Subject(s): International Trade and Finance

Countries: Korea, Republic of