The Republic of Korea had enjoyed trade surplus for a 64-month streak in May (Photo: EPA)However, the country’s trade surplus plunged substantially in May to 5.68 billion USD from USD12.9 billion recorded in April.
The East Asian economic power logged USD6.34 billion in trade surplus with Southeast Asian countries, including USD2.91 billion with Vietnam. Meanwhile, it saw USD2.59 billion in trade surplus with China, its largest trade partner.
The country’s trade surplus with the US dwindled more than 50 percent to USD864 million from USD1.78 billion tallied a year ago amid the RoK Government’s efforts to reduce its surplus with the world’s largest economy.
Data also showed that RoK’s trade with Middle East nations and Japan experienced a deficit of USD3.77 billion and USD2.17 billion, respectively.
The country’s exports have been on sharp rise since November last year thanks to the brisk overseas demand for RoK semiconductors and vehicles. In May, exports picked up 13.3 percent year-on-year to USD45 billion while imports rose 19.1 percent year-on-year to USD39.3 billion./.