On Monday South Korea yesterday recorded a surplus which reached a record deal went to the middle of this year when the decline of world oil prices helped offset the decrease in the value of their exports.
The transaction runs, the size of foreign trade for products and services, showed a surplus of unprecedented worth 52,4 billion u.s. dollars in the last 6 months until June, as data from the Central Bank of Korea. The June surplus also became the highest monthly value of 12.2 billion u.s. dollars.
The data showed a decline in oil prices that reached a low level for several years since last year to help lower the value of the imports of South Korea, increasing the surplus deal went though exports also went down. The export sector supports more than half the country's Fourth Asian economy for it, which a lot of importing energy needs from abroad. The value of imports from Januri to June halted at 218,8 billion u.s. dollars, down 18.3% compared to last year, the import value of crude oil is down more than 40%.
Imports for medicinal products is also down 50% compared to a year ago. While for June alone, the value of imports was down 17.3% on an annual basis to 36,1 billion u.s. dollars. While the value of exports dropped 279 billion u.s. dollars during January to July, down 10.6% compared to the same period last year. Shipping to foreign countries with major export products such as cars and electronic products each down 6% and 23.6% compared to mid-2014.
Due to the slack factor exports and weak domestic spending, the Central Bank of Korea last month reduced the economic growth forecast of 2015 for the third time this year from growth of 3.1% to 2.8%. The Central Bank of Korea also said the impact of the outbreak of the virus that devastated local businesses of MERS in the peak season of June and then into other factors. https://www.mql5.com/en/signals/120434#!tab=history
