According to the data released by the Export and Import Division of South Korea's Ministry of Knowledge Economy (MOTIE), the country's trade balance indicated a $5.35 billion surplus in May this year. Meanwhile, in the first five months this year, the surplus in South Korea's trade balance amounted to $15.01 billion.
In May, South Korea's export value decreased by 0.9 percent year on year to $47.88 billion, while its overall import value increased by 0.3 percent from a year earlier to $42.39 billion. In the given month, South Korea's hot rolled steel sheet and ship exports increased, while exports of cars declined, year on year. On country and region basis, in May, South Korea's exports to the EU rose due to increased exports of capital goods, while exports to the US improved on the back of the increase in exports of cars and raw materials including steel and oil products, all year on year. Meanwhile, in the given month South Korea's exports to China, Japan and ASEAN countries began to decline on year-on-year basis.
Meanwhile, in May this year, South Korea's steel and car part imports increased compared to May last year.