The “2015 Import and Export Trends (December and Full Year) and 2016 Outlook for Imports and Exports†announced by the Ministry of Industry, Trade and Industry of Korea report that South Korea's total exports in 2015 was US$527.2 billion, a decrease of 7.9 from the previous year (2014). %, imports amounted to US$ 436.8 billion, also a significant decrease of 16.9% over the previous year, and the trade surplus was US$ 90.4 billion. After the year before, it hit another record high (the annual import and export volume was from January 1 to December 31 Clearance statistics.
The report states that South Korea’s (2015) year exports declined due to structural factors such as the global economic downturn, falling oil prices, and reduced global trading volume, as well as structural factors such as changes in the import structure of the Chinese mainland and the increase in overseas production of Korean companies. Due to the continued increase in export volume, the ranking of exports in the world ranks one place higher than 2014, ranking sixth in the world.
In addition, although imports of capital and consumer finances have increased, the sharp drop in oil prices has caused a significant reduction in the import of raw materials, and the overall import situation has continued to decline.
For the 2015 South Korea's 13 largest export items (temporary clearance statistics from January 1 to December 31), except for wireless communication devices, semiconductors, and ships, exports increased by 10.0%, 0.5%, and 0.3%, respectively. Exports of projects such as , general machinery, auto parts, automobiles, flat panel displays, textiles, steel products, household appliances, petrochemicals, and petroleum products declined by 1.0%, 3.2%, 4.1%, 6.4%, 8.1%, and 10.3% respectively. , 15.0%, 16.8%, 21.4% and 36.6%.
Main export areas (temporary definite value of customs clearance statistics from January 1 to December 20): Except for the 24.3% increase in exports to Vietnam, the United States, China, EU, ASEAN, Middle East, Central and South America and Japan The exports declined by 0.6%, 5.6%, 6.9%, 11.4%, 12.4%, 14.6% and 20.4% respectively.
In the month of December 2015, South Korea’s export volume was US$42.6 billion, which was 13.8% lower than the previous month (2014), and the import value was US$35.5 billion, a significant decrease of 19.2% over the same month of the previous year. The trade surplus was US$7.2 billion. A record 47 months of consecutive surpluses.
In December of the 13 largest export items in the month of December, exports of wireless communication equipment only increased by 7.6%. Automotive parts, general machinery, textiles, automobiles, petrochemicals, semiconductors, steel products, flat panel displays, petroleum products, computers, household appliances Ships, etc., declined by 4.2%, 7.3%, 7.7%, 8.8%, 14.6%, 17.1%, 23.2%, 23.3%, 25.6%, 30.9%, 34.3%, and 35.1%, respectively.
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