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Korea’s trade with China, US declines

 [THE INVESTOR] Korea’s current account surplus with China fell nearly 20 percent last year due to the sluggish growth of the world’s second largest economy, central bank data showed June 17.

The current account surplus with China came to $45.14 billion in 2015, a 19.5 percent decline from the previous year’s $56.06 billion, according to data from the Bank of Korea.

The figure decreased for two straight years since 2013 when it reached $56.69 billion. 

Busan Port
Busan Port

The central bank cited a drop in exports of chemical products and display panels to China, as well as decrease in transportation and service sector for the decline.

In trade with the US, Korea’s current account surplus decreased to $33.85 billion in 2015, a 17.4 percent decrease on-year, due to the record high service account deficit of $14.39 billion, the BOK said.

Despite a decline with its major trading partners, South Korea recorded a current account surplus of $105.87 billion in 2015, 25.5 percent increase on-year from $84.37 billion in 2014.