South Korea's Exports Grow for Eighth-Straight Month
South Korean exports expanded for an eighth-straight month in June on growing demand overseas amid a global recovery.
Exports rose 13.7% from a year earlier to $51.41 billion in June after the prior month's revised 13.3% gain, according to preliminary data from the trade ministry and the customs office. The latest reading was largely in line with the median forecast of a 13.9% increase from a survey of five analysts conducted by The Wall Street Journal.
Imports gained 18.0% from a year earlier to $40.01 billion in June following the previous month's revised 19.1% increase. The latest reading missed the median forecast of a 26.6% rise.
The trade surplus widened to $11.40 billion in June from a revised $5.68 billion in May, beating the median forecast of $10.3 billion.
Exports, which account for about half of South Korea's economy, have been increasing so far this year after contracting in the last two years.
The trade ministry said South Korea's exports could grow about 10% this year unless sliding oil prices and global protectionism seriously undermine demand for South Korean goods overseas in the second half of this year.
In case such risks grow, the recent strength in exports could taper towards year-end, it said.
Write to Kwanwoo Jun at firstname.lastname@example.org
(END) Dow Jones Newswires
June 30, 2017 20:42 ET (00:42 GMT)